KUALA LUMPUR: Stocks to watch on Wednesday include Nestle (M) Bhd, Petronas Chemicals Group Bhd, IOI Corp Bhd, Leong Hup International Bhd, Sunway Construction Group Bhd and AT Systematization Bhd, according to JF Apex Research.
The research house noted that Nestle, PetChem, IOI Corp, Perak Transit, Leong Hup, Petron, ATA IMS, Takaful, Manulife, Frontken, Btoto, and Samchem posted higher quarterly profits, while Sunway Construction recorded lower earnings.
Nestle’s net profit for the fourth quarter ended Dec 31, 2020 rose marginally to RM132.47mil from RM131.82mil a year earlier.
IOI Corp posted a 66% increase in its net profit to RM355.7mil for the second quarter ended Dec 31, 2020 from RM213.5mil in the previous year’s corresponding quarter.
Leong Hup’s net profit was up by 78% to RM52.56mil in the fourth quarter ended Dec 31, 2020 (4QFY20) from RM29.53mil last year.
SunCon’s net profit came in marginal lower by 4.5% to RM30.2mil for the fourth quarter ended Dec 31, 2020, against RM31.6mil in the previous corresponding quarter.
AT Systemization will produce nitrile gloves and Metronic received LOIs to supply RM1.4bil worth of SARS-COV-2 NAb Immune System Rapid Test Kits.
Meanwhile, US markets ended mixed with the Dow reversing intraday steep losses after the Federal Reserve chairman eased concerns about inflation and rising rates.
Earlier, European stocks declined following losses in technology counters and rising bond yields.
“Following the mixed performances in the US and Europe, the FBM KLCI could remain pressured and test the immediate support of 1,560 points,” JF Apex said.
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