Trading ideas: Icon Offshore, FGV


KUALA LUMPUR: Stocks to watch on Tuesday include Icon Offshore Bhd and FGV Holdings Bhd, according to JF Apex Research.

Urusharta Jamaah Sdn Bhd has ceased to be a substantial shareholder in Icon Offshore.

Icon Offshore announced that that Urusharta Jamaah had disposed of 972,225 shares in the offshore support vessel player, thus ceasing to be a substantial shareholder.

FGV Holdings has discontinued its memorandum of understanding (MoU) with Samyang Foods Co Ltd to establish Samyang's halal manufacturing plant in Malaysia.

“The termination of the MoU would not have any financial impact on the company and its subsidiaries, ” FGV said.

To recap, the two companies entered into an agreement to establish Samyang's halal production facilities in Malaysia, focusing on production of halal ramen and instant noodles for Malaysia and the global markets.

Meanwhile, US markets tumbled over 1% overnight due to rising concerns over the Wuhan coronavirus.

The Dow Jones Industrial Average slid 453.93 points, or 1.6%, to 28,535.80 while S&P 500 slid 51.84 points, or 1.6%, to 3,243.63.

Similarly, European stocks plunged following fears of economic downturn as a result of the coronavirus outbreak.

“Following the bearish sentiment in global markets, the FBM KLCI could break the immediate support of 1,570 points with second support at 1,550 points, ” JF Apex said.

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