Trading ideas: Sapura Energy, Ireka, Top Glove and Luster Industries

KUALA LUMPUR: Stocks to watch for on Wednesday include Sapura Energy, Ireka, Top Glove and Luster Industries, says JF Apex Research.

Sapura Energy has been served with another winding-up petition over unpaid money, this time by Icon Offshore Bhd.

The group said the petition was initiated after Sapura Offshore was unable to pay a sum of RM4.02mil plus interest under a consent judgment entered into by the firm and Icon Offshore Group on Dec 13, 2021.

Ireka has joined 26 other affected listed issuers under Practice Note 17 (PN17) after Bursa Malaysia Securities rejected the company's application to extend the relief period, which ended on Feb 26.

The Ministry of International Trade and Industry (MITI) revealed the estimated loss incurred by Top Glove during the period of the "Withhold Release Order" (WRO) imposed by the United States’ Customs and Border Protection (CBP) was RM3.6bil.

Luster Industries has proposed to buy a 9,554 sq m freehold land in Ara Damansara from the Sime Darby group for RM35 million.

The group said the acquisition would enable it to build its land bank in favourable areas, where it can leverage on its extensive experience in building mixed-use developments.

Meanwhile, JF Apex expects the FBM KLCI to retest its support of 1,570 points following the negative sentiment from the Russia-Ukraine conflict.

The US market plunged overnight as Russia continued its attack on Ukraine and oil prices surged past US$100 a barrel.

European stocks had declined sharply as Russian troops were heading towards Ukraine's capital Kyiv.
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