Malaysia Tech Stocks on Fire With Gauge Hitting 16-Year High

As Malaysia’s benchmark stock index inches closer to erasing its loss for the year, one corner of the market has raced ahead: technology shares.

The Bursa Malaysia Technology Index of 38 stocks has soared 95% from a March low to reach the highest level since 2004, led by manufacturers ViTrox Corp. and UWC Bhd. The main FTSE Bursa Malaysia KLCI Index is close to recouping its 2020 losses, with the gauge trading within 0.5% of the mark.

Gains in the tech stocks have sent their valuations to the highest in at least 10 years. AmInvestment Bank Bhd. still expects the sector’s outlook to remain resilient despite the global pandemic, upgrading its rating to overweight from neutral earlier this month. Its top pick is chipmaker Inari Amertron Bhd.

FTSE 100 LIVE: US economic recovery stalls as Asian stocks grind higher

Business surveys have highlighted developing risks from the relentless coronavirus pandemic. Businesses exhausting existing order books without refilling them, and households facing the end of unemployment benefits and other support is having a devestating effect on the US economy.

Meanwhile, Asian equity markets ground higher as investors tried to look past gathering tensions with the US and renewed coronavirus lockdowns. Investors appear to be looking to upcoming company earnings, hoping that global stimulus efforts will result in upbeat outlooks.

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Fielmann HY Group Sales Down – Quicks Facts

Fielmann AG (FLMNF.PK) reported that its group sales for the first half of 2020 declined to 611 million euros from the previous year’s 758.2 million euros.

Sales for the first half of 2020 declined to 3.1 million glasses from 4.1 million glasses last year. The external sales including VAT and inventory reached 710 million euros compared to 884.4 million euros last year.

The company expects pre-tax profit to be at least 35 million euros compared to 127.6 million euros last year.

The business recovered and Fielmann’s May sales increased by +157% compared to the previous month.

In June sales increased by +29% over the previous month and reached a level of +3% over the same month last year.

The company expects external sales of over 1.5 billion euros for the full year, group sales of over 1.3 billion euros and a pre-tax profit of over 100 million euros.

Südzucker Q1 EBITDA Rises; Confirms FY 2020/21 Outlook – Quick Facts

Südzucker (SUEZF.PK) reported that its first quarter group EBITDA rose to 134 million euros from 117 million euros in the prior year.

The consolidated group operating result climbed to 61 million euros from 47 million euros in the prior year.

Quarterly revenues declined to 1.669 billion euros from 1.680 billion euros in the prior year.

In the first quarter the sugar segment’s revenues fell slightly to 565 million euros from 581 million euros in the prior year. The revenue decline was driven by a significantly lower sales volume. This was partly due to reduced sugar production during the 2019 campaign.

The CropEnergies segment’s revenues fell to 162 million euros from 185 million euros in the first quarter.

Looking ahead for fiscal year 2020/21, Südzucker still expects consolidated group operating result to be in the range of 300 million euros – 400 million euros, and consolidated group revenues of 6.9 billion euros – 7.2 billion euros.

The company estimates that the sugar segment’s operating result will range between negative 40 million euros and positive 60 million euros.

Operating result in the CropEnergies segment is anticipated to be significantly lower, and a moderate increase in results is projected in the fruit segment.

Due to the ongoing corona pandemic and related high volatility in all segments, this outlook is still affected by a very high uncertainty.

Egypt's annual headline inflation rises to 5.6% in June – CAPMAS

CAIRO, July 9 (Reuters) – Egypt’s annual urban consumer price inflation increased to 5.6% in June from 4.7% in May, state statistics agency CAPMAS said on Thursday.

Month-on-month headline inflation stood at 0.1% in June, from 0% in May, the agency said.

Japan June machine tool orders plunge 32.0% y/y – industry association

TOKYO, July 9 (Reuters) – Japan’s machine tool orders in June slumped 32.0% compared with a year earlier, a preliminary estimate from the Japan Machine Tool Builders’ Association showed on Thursday.

Compared with a month earlier, machine tool orders rose 31.2%, the data showed.

Hard Lockdown Eased in Melbourne Tower Blocks Amid Testing Blitz

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Eight public-housing tower blocks that were completely shut down in Australia’s second-biggest city due to a coronavirus outbreak will be reopened after a testing blitz, authorities said Thursday.

Residents, who were told they couldn’t leave their apartments under the stringent controls, will now be allowed to leave for essential work, study, exercise or shopping — in line with measures imposed across the rest of Melbourne. One tower block, where 11% of residents tested positive, will remain shuttered.

Some 2,515 of the roughly 3,000 occupants of the Melbourne towers have been tested since Saturday, with 158 positive cases. Residents with Covid-19 will be quarantined in alternative accommodation, or delivered food and medical care if they choose not to relocate.

Melbourne’s Second Lockdown Will Exact a ‘Catastrophic’ Cost

The city of 5 million people in the state of Victoria on Thursday entered a six-week lockdown aimed at containing a second wave of infections. Australia had enjoyed early success in controlling the outbreak and other states and territories have barred Victorians from entering to control the spread of the virus.