KUALA LUMPUR: Stocks to watch on Friday include Kossan Rubber Industries Bhd, Alam Maritim Resources Bhd, AirAsia Group Bhd, JCY International Bhd, Aeon Retail (M), Kinsteel Bhd and WCT Holdings Bhd, according to JF Apex Research.
Kossan is selling an estimated 39ha vacant freehold industrial land in Kuala Langat, Selangor, for RM153.38mil to raise funds to finance the expansion of the group's rubber glove production in Bidor, Perak.
Alam Maritim has secured an RM24.8mil work order for the charter of anchor handling tug supply (AHTS) vessels to Petronas Carigali Sdn Bhd.
AirAsia Group chief executive officer Tan Sri Tony Fernandes said he is currently in discussion with the Government to obtain a loan for the budget airline as a means to further support its current cash position amid a tough operating environment.
JCY has been allowed to operate during the Movement Control Order (MCO) period by the Ministry of International Trade and Industry (MITI).
AEON’s mall operator AEON Retail (Malaysia) will grant a 28-day rental waiver to its tenants throughout the partial lockdown or Movement Control Order (MCO) period that began on March 18 and scheduled to end on April 14.
Kinsteel has inked a letter of intent to start negotiations with Tianjin Qiangbang Industrial Co Ltd to form a joint venture company (JVC) to run a steel mill at Gurun, Kedah.
WCT recorded a net loss of RM103.97mil in its amended 4QFY19 results, against a net profit of RM2.53mil in the same quarter of the previous year, mainly due to the provision for additional losses following the unfavourable final arbitral award in relation to a completed construction project in Qatar. Revenue dropped to RM1.79bil from RM2.3bil previously.
Meanwhile, US markets rose about 2% overnight as oil prices rallied after President Trump said that Saudi and Russia will end the price war.
Earlier, European stocks climbed with energy counters leading the gains after oil price jumped about 20%.
“Following the bullish performances in global markets, the FBM KLCI could rise towards its resistance of 1,370 points following the surge in oil price,” JF Apex said.