Trading ideas: Nestco, Top Glove, SCIB, Citaglobal, Turiya and SKP Resources

KUALA LUMPUR: Stocks in focus on Wednesday include Nestco, Top Glove, SCIB, Citaglobal, Turiya and SKP Resources, said Apex Research.

Nestcon Bhd has bagged a RM165.08 million contract to provide site clearance, earthwork and ancillary works for Block 1 of CBS 2 in Sungai Bakau at the Mukah-Balingan coalfield in Sarawak.

Top Glove Corp Bhd posted a net loss of RM52.59 million in its 4QFY22.

Sarawak Consolidated Industries Bhd (SCIB) is set to gain RM60.72 million after the clients of six contracts in Qatar and Oman agreed to take on the debts that the group owes to its subcontractors for the projects.

Two cousins the Yang di-Pertuan Agong have resigned from Citaglobal Bhd’s boardroom effective immediately.

Turiya Bhd's shareholders rejected a resolution to re-elect non-independent director.

Tunku Datuk Yaacob Khyra, at the group's annual general meeting, and SKP Resources Bhd announced the demise of its executive chairman cum managing director, Datuk Gan Kim Huat.

Meanwhile, Apex said the FBM KLCI could retrace towards the support of 1,450 points following the decline on Wall Street.

The US market plunged overnight as the Federal Reserve started its policy meeting with expectations of a 75 basis point-hike later today.

Similarly, European stocks tumbled amid the Fed's two-day meeting to control inflation.