JF Apex Research: "Over a medium to long term outlook, we are cautious on the FBM KLCI performance as it still treads below the 100- and 200-day moving averages at 1,650 and 1,700 points respectively."
KUALA LUMPUR: Westports, KKB Engineering, Scientex, Daibochi, Barakah
and UMW Oil & Gas are among the stocks which could see trading action on Friday after their corporate news, says JF Apex Research.
Westports’s 3QFY16 net profit rose 16.1% on-year to RM151.03 million due mainly to a 9% increase in container throughput from 2.29 million to 2.49 million twenty-foot equivalent units (TEUs).
As for KKB Engineering, the group’s 3QFY16 net loss narrowed to RM135,000 from RM3.36mil a year ago, on increased sales along with improved gross profit margin by the group’s steel pipes manufacturing business.
Scientex is investing US$25mil (RM106.65mil) to set up a stretch film manufacturing plant in Arizona, US to enable it to expand worldwide.
JF Apex Research said Daibochi’s 3QFY16 net profit fell 11.2% on-year due to lower foreign exchange gain as well as a minor loss suffered by one of its associate companies.
Barakah won a RM25mil contract for the installation of an effluent discharge pipeline for Labuan Crude Oil Terminal.
UMW Oil & Gas, the group’s indirect unit UMW Offshore Drilling Sdn Bhd clinched a contract to provide a jack-up drilling rig and services for the Ophir oil field, offshore Terengganu.
Overnight on Wall Street, US markets were mixed with the Dow hitting a record high while Nasdaq declined. Earlier, European stocks tumbled as the post-US election rally fizzled out.
The research house pointed out that at Bursa Malaysia on Thursday, the FBM KLCI gained 5.12 points to 1,652.74.
“Following the mixed performance in the US and Europe, the KLCI could hover and consolidate above the support level of 1,645 with positive bias,” it said.
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