KUALA LUMPUR: Stocks to watch on Tuesday include Yinson Holdings Bhd, SYF Resources Bhd, Bermaz Auto Bhd (BAuto), Vortex Consolidated Bhd, Esthetics International Group Bhd (EIG) and FGV Holdings Bhd, according to JF Apex Research.
Yinson said its Vietnam joint venture (JV) PTSC Asia Pacific Pte Ltd (PTSC AP) has entered into a bareboat charter contract worth US$122.87mil (RM528.34mil) with Petrovietnam Technical Services Corp (PTSC) commencing from July 1,2017 to June 30,2021.
SYF Resources is selling a parcel of freehold land it owns in Semenyih via a wholly-owned subsidiary for RM33.65mil, which will book it an estimated net gain of RM1.37mil.
Bermaz Auto saw its net profit slump 66.5% year-on-year for its 3QFY20 largely due to lower profit contribution from domestic operations and lower share of profit contribution from its associate company, Mazda Malaysia Sdn Bhd (MMSB).
Vortex has proposed to dispose of a factory located in Shah Alam for RM10.6mil, which will go towards the group’s business operations. The disposal will result in a gain of RM1.8 million, amounting to a 22% return on its initial investment.
Esthetics International Group has been granted a four-and-a-half-year extension of its distributorship with US-based premium skincare provider Dermalogica Inc.
FGV Holdings’ subsidiary, FGV Prodata Systems Sdn Bhd (FGV Prodata), has secured a project to supply and install telecommunication towers and ancillaries to the Malaysian Communications and Multimedia Commission (MCMC) under its National Fiberisation and Connectivity Plan (NFCP).
Overnight, US markets plunged over 12% despite the Federal Reserve's monetary stimulus as President Donald Trump said the outbreak could last until August and the US might head into recession.
The Dow Jones Industrial Average closed 2,997.10 points lower, or 12.9%, at 20,188.52. The S&P 500 dropped 12% to 2,386.13 — hitting its lowest level since December 2018 — while the Nasdaq Composite closed 12.3% lower at 6,904.59 in its worst day ever.
Earlier, European stocks tumbled over 5% after Spain imposed a 15-day lockdown.
“Following the bearish performances in the US and Europe, the FBM KLCI could extend its selldown towards the support of 1,240 points, ” JF Apex said.
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