KUALA LUMPUR: Stocks to watch on Tuesday include Paragon Globe Bhd
(PGB), Solarvest Holdings Bhd, Chin Hin Group Bhd, Signature International Bhd, YNH Property Bhd, Vestland Bhd, Scientex Bhd and Coastal Contracts Bhd.
PGB and Solarvest are planning to develop a solar-ready factory and green industrial township in Johor.
Chin Hin, which owned a 28.72% stake in Signature International as at Jan 16, is proposing to buy an additional 4.77% stake from Teoh Hai Hin and Por Tong Eng for RM25.45mil cash or 84 sen per share.
YNH Property Bhd explained that ALX Asset Bhd was not able to raise enough funds for the purchase of the 163 Retail Park and consequently had to terminate the RM270.5mil sale on Jan 26.
It also decided not to pursue the proposed RM152mil disposal of AEON Seri Manjung in Perak to ALX Asset Bhd given the situation.
Vestland has bagged a RM278.81mil contract from Sg Besi Construction Sdn Bhd to undertake design and building works for two blocks of service apartments in Ara Damansara, Petaling Jaya.
Scientex is looking to develop a mixed-property development in Muar, Johor as it acquired 24 parcels of land measuring 442.76 hectares in total for RM200mil from Singapore-incorporated Guan Hong Plantation Pte Ltd to boost its property development segment.
Coastal Contracts’ 50%-owned joint venture (JV) has secured a contract extension for the provision of gas sweetening services in Mexico from state-owned oil company Petroleos Mexicanos (Pemex) to end-2025.
Apex Securities noted that the US markets closed negative with the S&P500 and Dow Jones coming off their record highs after the Federal Reserve highlighted that a rate cut in March 2024 is unlikely.
European stock markets also finished lower after the Fed’s comment, while Asian stock markets ended lower.
Overnight, the Dow Jones Industrial Average fell 0.71% to 38,380.12, the S&P 500 lost 0.32% to 4,942.81 and the Nasdaq Composite lost 0.20%, to 15,597.68.
“It appears that the FBM KLCI may look to defend the 1,500 psychological level and we expect weakness to prevail following the negative sentiment in Wall Street overnight.
“The lower liners may also edge lower on the back of an extended pullback, coupled with the absence of fresh leads. Economic wise, investors will be keeping a close tab on the release of European retail sales later today,” it said.
Back home, the market will monitor economic announcements this week such as IPI, retail sales, and unemployment data later this week.
“With the renewed strength in the greenback against the ringgit following the hawkish tone delivered by the US Federal Reserve overnight, we expect export-related stocks to come into the limelight,” Apex said.
