KUALA LUMPUR: Stocks to watch today include Advancecon Holdings Bhd
, Sunway Bhd, Magni-Tech Industries Bhd, Haily Group Bhd, AirAsia X Bhd, Kinergy Advancement Bhd (KAB) and Ecofirst Consolidated Bhd
Advancecon has secured another earthworks contract from Sime Darby Property Bhd for the Bandar Bukit Raja project in Klang. The latest contract is valued at RM35.58mil.
Sunway has bought back and cancelled RM200mil in perpetual sukuk issued under the sixth series of its RM5bil Perpetual Islamic Medium Term Note Programme.
Reach Energy Holdings Sdn Bhd has ceased to be a substantial shareholder in Reach Energy Bhd after disposing of a 3.61% stake in the oil and gas services group via a direct business transaction.
Magni-Tech’s net profit slipped 12.8% to RM21.78mil in the second quarter ended Oct 31, 2023 (2QFY2024).
Haily has secured a contract to build landed homes at Mah Sing Group Bhd’s township in Johor Baru for RM64mil.
AirAsia X Bhd has signed an aircraft lease agreement with Asia Aviation Capital Ltd in a related party transaction for a one-year lease of an aircraft bearing MSN1596, with the total contract value — including lease rental and maintenance reserves — estimated at RM30.54mil.
KAB has been appointed as a sub-contractor to undertake electrical, telephone, and extra low voltage services for the M Nova residential development in Kepong, Kuala Lumpur, worth RM31.04mil.
EcoFirst has awarded a RM389mil contract to China State Construction Engineering (M) Sdn Bhd for the superstructure works of serviced apartment KL48 in Chan Sow Lin, Sungai Besi.
Overnight, the Dow Jones Industrial Average declined 0.22% to 36,124.56 points. The S&P 500 declined 0.06% to end the session at 4,567.18 points and the Nasdaq gained 0.31% to 14,229.91 points.
Apex Securities anticipates continued volatility in the FBM KLCI over time, as investors exercise caution regarding the policy direction of major central banks and the path of decelerating economic growth.
“Any recovery is expected to be tempered by quick profit-taking activities on signs of foreign fund outflows over the interim. Key economic focus will be directed towards EU retail sales to be released today.
“We expect oil & gas stocks to remain under pressure in view of the declining of crude oil prices, while the rebound on Nasdaq overnight may provide selective trading opportunities within the technology sector,” Apex said.
