KUALA LUMPUR: UMW Holdings Bhd
, HB Global Ltd, Sarawak Consolidated Industries Bhd (SCIB), Lambo Group Bhd, UMediC Group Bhd (UMC), Bioalpha Holdings Bhd, Kanger International Bhd and EITA Resources Bhd are among the stocks to watch on Tuesday.
UMW has proposed to dispose of a 22.22-acre industrial leasehold land within the UMW High Value Manufacturing Park in Serendah, Selangor to Perusahaan Otomobil Kedua Sdn Bhd (Perodua) in a related party transaction for RM52.27mil cash.
HB Global’s proposed acquisition of frozen meat and poultry products trader KK Fresh Frozen Sdn Bhd for RM30mil has collapsed, as the specified conditions precedent within the conditional period were not fulfilled.
SCIB has secured a sub-contract worth an estimated RM16.8mil in a construction project for the Sarawak police air operation force.
Morgan Stanley & Co International plc has ceased to be a substantial shareholder in information technology service provider Lambo Group.
UMC net profit fell 5.6% year-on-year in the first quarter ending Oct 31, 2023 (1QFY2024), despite higher revenue, dragged by higher tax expense and a rise in expenses.
Bioalpha said that its wholly-owned subsidiary has been appointed by the Langkawi Development Authority (Lada) to develop and operate a 7.98-acre agro park in Bandar Padang Mat Sirat, Langkawi.
Kanger’s largest shareholder and executive director Kuah Choon Ching has disposed of his entire 12.28% stake in the company.
EITA said its subsidiary has secured a contract from Tenaga Nasional Bhd (TNB) to rehabilitate a main intake substation in Kedah for RM56.31mil.
Overnight, the Dow Jones Industrial Average closed down 41.06 points, or 0.11%, to 36,204.44, the S&P 500 lost 24.85 points, or 0.54%, to 4,569.78 and the lost 119.54 points, or 0.84%, to 14,185.49.
Apex Securities reckoned that the FBM KLCI may remain range-bound in the near term while anticipating for further positive regional developments.
Nevertheless, the longer-term outlook remained positive as the decline in US Treasury yields and the possibility of a rate hike slowdown may attract foreign funds into the local bourse.
“Key economic focus will be directed towards China and US services and composite PMI data to be released today. Meanwhile, we suggest directing attention toward gold-related stocks, given that gold prices have continued its rally touching US$2,100/oz. Demand for safe-haven assets has risen due to ongoing geopolitical uncertainty and prospects of a weaker US dollar,” Apex said.
