Trading ideas: PETRONAS Chemicals, Ranhill Utilities, Rimbunan Sawit, Advancecon, Lebtech , Dolomite and Bumi Armada

KUALA LUMPUR: The investor spotlight could be shone on stocks with recent corporate announcements including PETRONAS Chemicals, Ranhill Utilities, Rimbunan Sawit, Advancecon, Lebtech , Dolomite and Bumi Armada, says Apex Research.

Petronas Chemicals Group Bhd (PetChem) has entered into an agreement to sell a 25% stake in Petronas Chemicals Fertiliser Sabah Sdn Bhd (PCFS) to SMJ Sdn Bhd for RM1.2 billion.

Ranhill Utilities Bhd’s subsidiary bagged a US$50 million (RM210 million) contract from Italian oil major Saipem SpA.

Rimbunan Sawit Bhd’s auditor Messrs Crowe Malaysia PLT has raised a material uncertainty related to the going concern of the plantation group.

Advancecon Holdings Bhd’s unit has been appointed as a subcontractor for the construction and completion of subgrade earthwork of section five of the East Coast Rail Link (ECRL) project for RM11.54 million.

Nestlé (Malaysia) Bhd’s 1Q23 net profit eased 3.9% to RM197.15 million.

Lebtech Bhd’s unit has won a RM55.3 million job for reclamation, shore protection and revetment sub-contract in Pekan, Pahang.

Dolomite to be delisted on April 28 after getting winding-up order.

Bumi Armada sells Armada Claire FPSO for US$20m and recognises US$12m gain.

Meanwhile, Apex said the FBM KLCI could trend lower towards the support of 1,393 points following the bearish performance on Wall Street.

The US market plunged overnight following concerns sparked by First Republic Bank’s dwindling deposits.

Earlier, European stocks ended lower amid the ongoing results season.