Trading ideas: TM, Lotte Chemical Titam, Yong Tai, Tomei, Swift Haulage, Kimlun and Bahvest Resources

KUALA LUMPUR: Stocks with recent corporate announcements could be in focus today including TM, Lotte Chemical Titam, Yong Tai, Tomei, Swift Haulage, Kimlun and Bahvest Resources, said Apex Research.

A week after CelcomDigi Bhd announced it was pulling out from participating in the equity of Digital Nasional Bhd (DNB), Telekom Malaysia Bhd has announced that it has terminated the share subscription agreement (SSA) with DNB to be effective immediately.

Lotte Chemical Titan Holding Bhd (LCT) president and chief executive officer Park Hyun Chul warned of challenging times for the petrochemical industry as supply is also outstripping demand, particularly now that China is becoming self-sufficient.

Yong Tai Bhd saw the emergence of a new largest shareholder after Domain Capital Sdn Bhd acquired 90 million shares representing a 23.8% stake in the property developer.

Tomei Consolidated Bhd is not planning to pare down its shareholding in its newly listed jewellery manufacturing arm YX Precious Metals Bhd (YXP), despite the unit's share price appreciation and the lapse of a six-month moratorium on share sales.

Swift Haulage Bhd’s net profit declined 29.22% for 1QFY2023 to RM10.13 million compared with RM14.31 million in the same period last year.

Kimlun Corp Bhd has bagged two construction contracts worth RM94.5 million and Five minority shareholders of Bahvest Resources Bhd, who sought to replace three of the Sabah-based gold miner's directors.

Meanwhile, the US market was mainly higher overnight led gain by the Nasdaq which up more than 1% as investors fled to tech stocks after a tamer-than-expected inflation report.

Earlier, European markets closed lower as investors digested the latest US inflation data and how it could affect the US Federal Reserve’s monetary policy.

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