KUALA LUMPUR: JF Apex Research expects Malakoff, MMC, AppAsia and MBM Resources to be among the stocks which could see trading action on Thursday after their corporate news.
Malakoff launched arbitration proceedings against Japan's Sumitomo Corp, Zelan
Holdings (M) Sdn Bhd and Sumi-Power Malaysia Sdn Bhd seeking RM785mil for breach of contract.
Sumitomo Zelan Consortium was to provide Tanjung Bin Power plant (TBP) engineering, design, procurement, construction, commissioning (EPCC) and related services in respect of the plant and related facilities.
The arbitration is for loss and damage suffered by TBP as a consequence of the respondents' and/or their agent(s)' negligence and/or breaches of duties and/or obligations under the EPCC contract.
JF Apex Research said AppAsia's unit, Extol International Sdn Bhd was been appointed as Alibaba Cloud's non-exclusive reseller to drive the sale of certain cloud and computing and technology products and services for the latter.
On Wednesday, MMC, MBM Resources, Parkson, Genting Plantations, Prestariang, Econpile, PPB, Hap Seng Plantations, EITA Resources, Crest Builder announced their their quarterly results.
Overnight on Wall Street, the Dow extended its record high after a slew of economic data including improved durable goods and manufacturing index, improved consumer sentiment as well as minutes of the Federal Reserve's meeting.
European stocks ended slightly lower after UK's budget announcement and lower oil prices.
JF Apex Research said at Bursa Malaysia, the FBM KLCI added 1.06 points to close at 1,630.38 after recovering from an intra-day low of 1,622.49.
“Following the mixed performance in the US and Europe, the FBM KLCI could remain sideways below its resistance of 1,645,” the research house said.
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