Trading ideas: Fitters, Vitrox, Citaglobal, Pavilion REIT, Sarawak Plantation, LCT, Nestle

KUALA LUMPUR: Fitters Diversified Bhd, Vitrox Bhd, Citaglobal Bhd, Pavilion Real Estate Investment Trust (Pavilion REIT), Sarawak Plantation Bhd, Lotte Chemical Titan Holding Bhd (LCT) Luxchem Corp Bhd and Nestle (M) Bhd are among the stocks to watch on Friday.

Fitters Diversified is disposing of an 8.05-hectare piece of freehold land in Cameron Highlands for RM15mil, with an estimated gain on disposal of RM12.35mil.

Vitrox’s net profit for 3QFY2023 dropped by 34.6% to RM33.25mil.

Citaglobal Bhd has acquired a 30% stake in submarine cable systems company iFACTORS Sdn Bhd for RM25.2mil.

Pavilion REIT’s net property income (NPI) for 3QFY2023 rose 34.5% to RM121.35mil following the inclusion of income from newly-acquired Pavilion Bukit Jalil.

Sarawak Plantation has secured a RM40mil Islamic facility to partly finance the development costs of its oil palm plantations throughout Sarawak.

LCT narrowed its net loss to RM55.58mil for 3QFY2023 due to reversal of inventory write-down as well as improved margin spreads resulting from lower feedstock costs.

Luxchem’s net profit for 3QFY2023 rose 3.3% to RM9.07mil and Nestle net profit in 3QFY23 rose 18.7% to RM133.7mil.

Overnight, the US stock markets extended their decline, dragged down by weaker-than-expected earnings from Meta Platforms, while the solid 3Q23 GDP data (+4.9% YoY) reinforce the hawkish tone set by the US Federal Reserve.

The Dow Jones Industrial Average fell 251.63 points, or 0.76%, to 32,784.3, the S&P 500 lost 49.54 points, or 1.18%, to 4,137.23 and the Nasdaq Composite dropped 225.62 points, or 1.76%, to 12,595.61.

Apex Securities said despite the positive surprise from the PPI data that expanded 0.2% year-on-year in September 2023; snapping seven straight months of contraction, it failed to alleviate the FBM KLCI yesterday.

It said external factors such as concern the rising bond yields and higher interest rate environment is expected to dominate the sentiment.

“For now, investors will be monitoring onto the US consumer sentiment data to provide further guidance towards the impact of higher interest rates to consumer spending power.

“With the on-going volatility, we advocate investor to be defensive, focusing onto gold-related stocks after gold prices marched higher above US$1,990/oz,” Apex said.

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