KUALA LUMPUR: Stocks to watch on Thursday include Boustead Heavy Industries Corp
Bhd (BHIC), YNH Property Bhd, Iqzan Holding Bhd, Johor Plantations Group Bhd, Malaysia Airports Holdings Bhd (MAHB) and Ecoscience International Bhd.
BHIC has secured a contract worth RM1.1bil from the Ministry of Defence Malaysia for the in-service support 2 performance-based contract for the Royal Malaysian Navy Prime Minister class submarines.
YNH Property has appointed UHY as a special independent reviewer to independently assess “certain joint ventures and turnkey contracts” entered into by its subsidiary, Kar Sin Bhd.
Iqzan has secured a construction project worth approximately RM143mil via its subsidiary, Kacon Construction Sdn Bhd (KCSB).
MAHB was notified that one of the four pre-conditions for the RM10.79bil proposal to privatise the airport operator has been fulfilled.
Johor Plantations Group Bhd's initial public offer (IPO) on the Main Market of Bursa Malaysia is expected to raise a total of RM735mil, of which approximately RM345.2mil will be raised via an offer for sale of 411 million existing shares held by its sole shareholder Kulim (Malaysia) Bhd.
Tycoon Tan Sri Desmond Lim Siew Choon has trimmed his stake in Malton Bhd, a day after the counter charted a new 30-month high.
Ecoscience International Bhd, an integrated palm oil milling services provider, has secured a RM61.8mil contract for the construction of a crude palm oil (CPO) pretreatment plant and a plant, machinery, and equipment (PME) plant in Port Dickson.
Overnight, the Dow Jones Industrial Average fell 0.09% to 38,712.21. The S&P 500 rose 0.85% to 5,421.03 and the Nasdaq Composite advanced 1.53% to 17,608.44.
Apex Securities said the FBM KLCI took another step back ahead of the US Federal Reserve interest rate decision.
“We noticed signs of cracking within the lower liners as investors booked in some profits from recent gains,” it said.
For now, Apex expects some mild bargain hunting to emerge within the local bourse as the US Federal Reserve remains on track for a rate cut in 2024 alongside the softer inflation data.
“Economic-wise, investors will be keeping a close watch on the impending release of US producer price index data later tonight. Meanwhile, we expect the technology sector to ride onto the gains on the Nasdaq overnight. Also, the higher crude oil prices may alleviate the energy sector,”
