KUALA LUMPUR: Bumi Armada
, Ekovest and Bina Puri are among the stocks which could attract trading action on Thursday after the release of their corporate news, says JF Apex Research.
It said Bumi Armada has suspended the operations of its floating production storage and offloading (FPSO) unit Armada Perdana due to longstanding delays in payments from Erin Petroleum Nigeria Ltd, a subsidiary of Erin Energy Corp.
As for Ekovest, it has secured approval-in-principle from the Malaysian Government for its "Kuala Lumpur River City" development.
Meanwhile, Bina Puri hopes to increase the bottom line contribution of its power business by 20% per annum with the listing of its 80%-owned Indonesian subsidiary PT Megapower Makmur Tbk on the Indonesian stock exchange on July 5.
Another stock that could see positive trading interest are SCGM, after its 4QFY17 net profit rose 47% on-year thanks to strong domestic demand for its food packaging.
JF Apex Research pointed out Kumpulan Perangsang Selangor is raising its stake to 51% from 30% in KPS-HCM Sdn Bhd, an infrastructure and road maintenance firm that it jointly owns with Protasco Bhd.
However, Glomac’s 4QFY17 net profit fell 94% on-year on lower revenue and a loss in “other operating income”.
Berjaya Media fell into Practice Note 17 (PN17) status as its shareholders’ equity on a consolidated basis of less than RM40mi represented 25% or less of its issued capital.
As for O&C Resources, it posted a net profit of RM1.07mil in its 3QFY17 compared with a net loss of RM1.33mil a year ago, mainly due to higher profit contribution from its construction segment.
Overnight on Wall Street, US markets closed lower as oil prices remained pressured despite EIA reporting lower US crude inventory.
Earlier, European stocks tumbled led by financial and insurance counters after UK's subprime lender issued a profit warning.
At Bursa Malaysia, the FBM KLCI lost 5.14 points to end at 1,775.57.
“Following the bearish performance in the US and Europe, the FBM KLCI is expected to decline towards its support of 1,760,” it said.
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