KUALA LUMPUR: BAT, Country View, Globetronics, Yinson
and Sasbadi are the among the stocks to watch on Wednesday after their corporate announcements and news reports, says JF Apex Research.
BAT's 2QFY16 net earnings tumbled 78% on-year caused by slump in sales volume after the 40% hike in excise duty last November.
Country View's 2QFY16 net profit rose 54.4% on-year as more units were sold and also due to higher construction progress for its Taman Nusa Sentral project in Iskandar Puteri.
JF Apex Research pointed out Globetronics's 2QFY16 net profit fell 64% on-year, as its Malaysia and Singapore segments saw lower sales coupled with forex loss.
Yinson had completed the sale of its non-oil and gas (O&G) subsidiaries to Liannex Labuan Ltd and proposed a special dividend of up to RM160mil.
Sasbadi's 3QFY16 net profit rose 23.4% on-year due to a double-digit growth in sales.
Overnight on Wall Street, US markets ended mixed overnight amid quarterly results announcements and the Federal Reserve meeting. Earlier, European equities climbed on corporate results amid lower oil prices.
JF Apex Research said the FBM KLCI closed down 6.84 points to 1,661.42.
“Following the mixed performance in the US and Europe, the KLCI could remain sideways below the resistance of 1,685,” it said.
Limited time offer:
Just RM5 per month.
