DNeX has confirmed that it is in talks to sell its 30% stake in its upstream oil and gas (O&G) associate Ping Petroleum Ltd.
TH Heavy Engineering’s CEO Suhaimi Badrul Jamil said that the group is expecting to turn a profit this year, following the positive momentum seen in the second half of last year and the first quarter of this year.
The group posted a net profit of RM2.48mil in the first quarter, compared with a net loss of RM14.75mil a year ago, while quarterly revenue increased to RM11.53mil from RM186,000.
MSM has warned that it will resort to taking commercial approaches that may not be beneficial to Malaysia as a whole should the group's financial performance continues to be impacted by sugar import permit holders that are approved by the Government.
Meanwhile, US markets rose overnight after the Federal Reserve hints an interest rate cut could happen soon.
Earlier, European stocks were flat ahead of the US Fed's monetary policy meeting.
“Following the positive performance in Wall Street, the FBM KLCI could extend its uptrend towards the resistance of 1,690 points,” JF Apex said.
The research house said the technical indicators for FBM KLCI were mixed with the RSI rising towards the overbought zone while the MACD hovered above its signal line.
“In February, the index failed to breach the 200-day moving average and then corrected downwards.
“Last month, the index breached the 50-day moving and tested the resistance of 1660 points. After yesterday's surge, the FBM KLCI broke the resistance of 1660 points and the 100-day moving average. Successful breakout from this level could spark a further upside towards the 200-day moving average,” it added.