KUALA LUMPUR: Stocks to watch on Wednesday include AirAsia X Bhd (AAX), Top Glove Corp Bhd, SCGM Bhd, Bintai Kinden Corp Bhd, Focus Dynamics Group Bhd and Oversea Enterprise Bhd, according to JF Apex Research.
AAX has proposed a debt restructuring to cut its massive debt from RM63.5bil to RM200mil and undertake share capital reduction to eliminate 90% of its accumulated losses. It also plans to consolidate its shares on the basis of 10 existing shares into one consolidated share.
Top Glove is set to pay about US$40mil to its migrant workers, a US news portal reported. The sum is substantially higher than the estimate of RM56 million that Top Glove revealed earlier.
SCGM Bhd hopes to export its face masks to the United States. The group will be applying to the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) for approval to export to the US.
Bintai Kinden has entered into a distribution and licensing agreement (DLA) with US-based firm Generex Biotechnology Corp and its subsidiary NuGenerex Immuno-Oncology Inc for their Covid-19 vaccine in Malaysia.
Focus Dynamics will partner Oversea Enterprise to expand the Oversea restaurant brand to the global market.
Overnight, US market plunged overnight after President Trump called off negotiations for a second coronavirus stimulus package until after the November elections.
Earlier, European stocks advanced following Trump's improved health.
“Following the negative performance in Wall Street, the FBM KLCI could decline with support at 1,475 points,” JF Apex said.
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