KUALA LUMPUR: Apex Securities expects Ecoscience International Bhd, MyNews Holdings Bhd, Poh Kong Holdings Bhd, VS Industry Bhd and AEON Credit Service (M) Bhd to be among the stocks to watch on Wednesday.
Ecoscience International Bhd has secured a RM38.02mil contract for the construction of a building and substation in Kerling, Selangor.
MyNews posted a wider net loss of RM2.16mil in 3QFY2023 while Poh Kong’s net profit plummeted 83.3% to RM4.98mil in 4QFY23.
VS Industry’s 4QFY23 net profit surged 85.7% to RM66.08mil while AEON Credit’s net profit for 2QFY2024 soared 59% to RM120.19mil.
Overnight, the U.S. stock market plunged after August new home sales came in below expectations and the Conference Board’s consumer confidence was also below economists’ estimates.
Similarly, European stocks were negative on concerns that interest rates may stay elevated for a longer period.
The Dow Jones Industrial Average fell 388 points, or 1.14%, to 33,618.88, the S&P 500 lost 63.91 points, or 1.47%, to 4,273.53 and the
Nasdaq Composite dropped 207.71 points, or 1.57%, to 13,063.61.
Apex said the FBM KLCI recently broke down from the possible bullish ascending triangle pattern and rest above the 200-day moving average.
“Going forward, the KLCI could move further to test the resistance of 1,481 points, if the index maintains above the support of 1,433 points,” it added.