KUALA LUMPUR: Stocks to watch on Thursday include Astro Malaysia Holdings Bhd, Genting Bhd, Seacera Group Bhd, G Neptune Bhd, Petronas Gas Bhd (PetGas) and Prestariang Bhd, according to JF Apex Research.
Astro posted an 11.5% rise in net profit in its third quarter ended Oct 31,2019, owing to lower net finance charges and tax expenses.
S&P Global Ratings has downgraded its long-term issuer credit rating on Genting to 'BBB+' from 'A-' in anticipation that the hotel and casino operator's leverage will increase, amid an expected weakening in cash flow adequacy over the next 12 to 18 months, given the company's aggressive expansion plans.
Seacera has been served with a legal claim demanding that it auctions land in Perak to pay off an RM31.25mil debt owed by an associate company.
Bursa Malaysia Securities Bhd has publicly reprimanded G Neptune and four former directors of the Guidance Note 3 (GN3) company for delaying the issuance of its annual report, and for announcing an inaccurate quarterly report that may have affected investors' investment decisions.
Petronas Gas said that Barakah's claim for RM179.84mil via arbitration has no basis. Barakah's unit PBJV Group Sdn Bhd is claiming the sum in relation to the procurement, construction and commissioning of Pengerang Gas Pipeline Project, where PBJV was appointed by PetGas as the project's contractor.
The Malaysian Government still wants its dispute with Prestariang over the termination of the National Immigration Control System (SKIN) concession agreement to go on trial.
Meanwhile, US stocks were boosted on Wednesday by a news report from Bloomberg that said the U.S. and China were edging closer to a trade deal, leading the major averages to snap a three-day slide.
The Dow Jones Industrial Average closed 146.97 points higher, or 0.5% at 27,649.78. The S&P 500 gained 0.6% to end the day at 3,112.76 while the Nasdaq Composite advanced 0.5% to 8,566.67.
European stocks closed higher yesterday as investor sentiment over the prospect of an initial U.S.-China trade deal improved.
“Following the market rebounds in the US and Europe, the FBM KLCI could follow suit with resistance at 1,615 points and support at 1,550 points, ” JF Apex said.
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