EXACTLY a year ago, the euphoria in the stock market saw investors pricing in what they believe to be the start of an economic recovery in the second half of 2021.
As forward looking as the market is and despite the vaccine optimism that lifted markets in November 2020, the state of the global economy is nowhere near the recovery envisioned last year.
The vicious twin of the Covid-19 in the form of the Delta variant took over the dirty work of wrecking the economy, which has recently forced the United Kingdom and Sydney into renewed lockdowns.
Even Israel, being the most vaccinated country in the world, reimposed its mask mandate indoors due to fears over the infectious variant.
Companies can no longer pay lip service to these guide lines that many investors are embracing
WHILE the concept of ESG, which stands for environmental, social and governance, is relatively well established, its significance here came to the fore recently.
Two particular developments led to this. One was the Top Glove Corp Bhd saga. After it was revealed that the glove making giant had paltry workers’ housing conditions that led to high Covid-19 infections, some analysts lowered their target prices thereby impacting the stocks’ value.
And then BlackRock, the world’s largest asset manager that held a 1.61% equity stake in Top Glove, voted against the re-election of six independent directors at the rubber glove maker’s annual general meeting.
Friday, 29 Jan 2021 04:13 PM MYT
BY SYED JAYMAL ZAHIID
Top Glove Corp Bhd’s share on Bursa Malaysia opened this morning at RM7.05, a rise of over 13 per cent from yesterday. It was the highest since the stock price took a tumble at the end of June last year after its factories were shut due to Covid-19 spreading among its largely migrant workforce. Bernama pic
Subscribe to our Telegram channel for the latest updates on news you need to know.
KUALA LUMPUR, Jan 29 Top Glove’s share price gained 40 sen or a seven per cent surge as of noon today, just hours after news emerged that retail investors are behind a drive to prop up the stocks of the world’s largest medical glove maker.
Cautious but optimistic growth outlook
The International Monetary Fund (IMF), in its October issue of the World Economic Outlook, anticipates global GDP growth to rebound by 5.2% year on year in 2021, following a sharp contraction of 4.4% estimated for 2020 (+2.8% in 2019).
Despite an expected turnaround in global GDP growth, both IMF and the Organisation for Economic Co-operation and Development caution that there are still uncertainties and downside risks for growth in 2021, especially with the potential of new cases increasing widely or if there are challenges in the development and deployment of a vaccine.
We believe the downside risks to 2021 would be less influenced by trade tensions between the US and China, and incoming US president Joe Biden has promised to strengthen trade relations with its allies. With mounting domestic issues at hand, especially with concerns about the pandemic as well as further stimulus measures, we do not anticipate Biden will place additional pres
Bursa cht
PETALING JAYA: Major indexes in the region got off on a jittery start this week with renewed headwinds just days before the world takes a break for the festive season.
Most markets in the region took a beating as investors remained cautious and took profits due to a new “uncontrollable” Covid-19 strain which has sent the United Kingdom into an emergency lockdown that might see other nations following suit.
Not even the US$900bil stimulus package that was struck in the United States Congress managed to lift sentiment as recent developments cast dark clouds over the global economic recovery.