KUALA LUMPUR: Stocks to watch on Thursday include LKL International Bhd
, Teck Guan Perdana Bhd, Top Glove Corp Bhd, VS Industry Bhd, Sunzen Biotech Bhd, Ecobuilt Holdings Bhd and MLABS Systems Bhd.
LKL through its wholly-owned subsidiary LKL Advance Metaltech Sdn Bhd (LKLAM), is selling a piece of freehold land in Seri Kembangan, Selangor, to 8 Food Avenue Sdn Bhd (Avenue) for RM6.9mil.
Teck Guan’s net profit for the third quarter ended Oct 31, 2023 (3QFY2024) slumped by 84% to RM3.64mil from RM22.54mil a year ago, primarily due to a decrease in operating margin.
Top Glove’s net loss for the first quarter ended Nov 30, 2023 (1QFY2024) narrowed to RM57.71mil from a net loss of RM157.62mil a year earlier (1QFY2023) on the back of improved operational, quality and cost optimisation efforts.
VS Industry’s net profit fell 19.31% to RM48.98mil for the first quarter ended Oct 31, 2023 (1QFY2024) from RM60.71mil in the previous year’s corresponding quarter due to lower orders from key customers in Malaysia, China and Indonesia, which affected the group’s overall utilisation rate of production capacity.
Sunzen has entered into two conditional share sale agreements to acquire the remaining 30% stakes each in its subsidiaries Ecolite Biotech Manufacturing Sdn Bhd for RM18mil and Yanming Resources Sdn Bhd for RM6mil.
Ecobuilt’s wholly owned subsidiary Eko Bina Sdn Bhd has been awarded RM23.16mil after it obtained an adjudication decision in its favour in its case against Golden Wave Sdn Bhd.
Harvest Miracle Capital Bhd (formerly Vortex Consolidated Bhd) has redesignated its non-independent non-executive director Datuk Liu Han Ming as executive chairman with immediate effect.
Mlabs, which provides video conferencing and mobile application solutions, has inked a master sales agreement with LG Electronics (M) Sdn Bhd to distribute the latter's products in Malaysia.
Overnight, the Dow Jones Industrial Average fell 1.27% to 37,082.0, the Nasdaq lost 1.5% to 14,777.94 and the S&P 500 was down 1.47% at 4,698.35.
Apex Securities expects a consolidation to take shape to allow recent gains to be digested.
“Likewise, we expect the rally on the lower liners to come to a halt as stocks retraced from their overbought levels,” it said.
Elsewhere, Wall Street’s upward run appears to be near infection point with investors taking this opportunity to lock in recent gains ahead of the extended weekend festive break.
“Going forward, investors will be monitoring the final reading of US 3Q23 GDP data later tonight. With volatility stepping into the spotlight, we advocate investors and traders to turn defensive with focus towards utilities and REIT sectors,” Apex said.
