KUALA LUMPUR: AMMB HOLDINGS BHD, Petronas Dagangan Bhd (PetDag), PETRONAS GAS BHD (PetGas), Tenaga Nasional Bhd, HONG LEONG BANK BHD are among the stocks to watch on Wednesday, according to JF Apex Research.
The research house said AmBank, PetDag, PetGas, Axiata, MMC, Magnum posted better year-on-year results, while TNB, HL Bank, Padini, British American Tobacco recorded lower year-on-year quarterly net earnings.
AMMB posted an 81% growth in net profit to RM459.67mil for the fourth quarter ended March
31, 2019, from RM253.41mil a year ago.
PetDag’s net profit for the first quarter ended March 31, 2019 (1QFY19) increased 33% to RM291.2mil from RM218.48mil on better performance from its commercial and retail
PetGas net profit for the first quarter ended March 31, 2019 (1QFY19) rose 6.7% to RM515.46mil from RM483.22mil a year earlier.
Tenaga posted a 26% drop in first quarter net profit to RM1.56bil from RM2.12bil a year earlier. Revenue, however, rose to RM13.24bil in the first quarter ended March 31, 2019 from RM12.27bil last year.
Hong Leong Bank's net profit for the third quarter ended March 31, 2019 fell 8% year-on-year to RM633.9mil from RM690.03mil, due mainly to lower net income.
Meanwhile, US markets declined overnight as lower interest rates sparked worries of a potential economic slowdown.
Earlier, European stocks tumbled due to renewed concerns over Italy's growing deficit.
“Following the bearish performance in the US and Europe, the local benchmark index sees profit taking from yesterday's gains with support at 1,600 points,” JF Apex said.