MISC, Sunway, Gadang, PIE to see trading interest

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects MISC, Sunway, Gadang and PIE Industrial to see trading on Monday following the recent corporate developments.

It said that Petronas had raised the offer price to RM5.50 from RM5.30 under the privatization exercise.

As for Sunway, the group proposed a rights issue of up to 594.6m shares at RM1.70 per share to raise up to RM1bil.

HDBSVR said Gadang had signed an MoU with Cyberview Sdn Bhd to jointly undertake Cyberview's K-Workers Housing project.

PIE proposed a special gross dividend of 20 sen and a final gross dividend of 12 sen a share.

On the market performance, it said US stocks closed well off their lows Friday, but the S&P 500 and Nasdaq still logged their worst one-week declines this year, pressured by a disappointing March unemployment report in addition to ongoing jitters over North Korea.

Similarly, European shares posted their biggest daily fall of the year after U.S. jobs data came in well below expectations, raising concerns that the recovery in the world's largest economy is weakening.

"On the local market, the FBM KLCI closed 0.19 of a point higher at 1,688.85 after recovering from an intraday low of 1,680. Following the negative sentiment in the US and Europe, we expect the index to be negative today as investors could take profit from recent gains," said HDBSVR.

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