KUALA LUMPUR: Public Bank Bhd
, LPI Capital Bhd, Top Glove Corp Bhd Sunway Bhd, KJTS Group Bhd, Sapura Resources Bhd and MGB Bhd are among the stocks to watch today.
Public Bank is acquiring a 44.15% stake in LPI Capital from the estate of the late Tan Sri Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd (ConTeh) for RM1.72bil cash, or RM9.80 per share.
The bank said the acquisition will trigger a mandatory general offer (MGO) to buy all remaining LPI shares not already held by Public Bank at RM9.80 per share.
In addition, Teh Li Shian Diona, the youngest daughter of the late Tan Sri Dr. Teh Hong Piow, announced that the Estate and ConTeh plan to gradually sell part of their Public Bank shares over the next five years, following the Financial Services Act.
This will reduce the Teh family's holdings in Public Bank to 10%.
Top Glove posted a smaller net loss of RM3.57mil in the fourth quarter ended Aug 31 compared with RM461.7mil in the same period last year.
Revenue jumped 75.5% to RM835.3mil against RM476.1mil last year.
For the full financial year, Top Glove posted a net loss of RM61.8mil compared with RM925.2mil while revenue rose 11.5% to RM2.5bil against RM2.26bil in FY23.
Sunway Bhd, through indirect unit Sunway Developments Pte Ltd, has secured a land parcel at Tampines Street 94 from the Housing and Development Board of Singapore for S$668.3mil.
Sapura Resources Bhd has redesignated Reza Abdul Rahim as the company's executive director and has appointed him as the acting managing director or MD effective immediately.
KJTS Group Bhd has secured a RM12.3mil data centre contract by Sunway ENGIE DC Sdn Bhd in Selangor.
MGB has entered into two separate joint venture agreements to develop projects in Taman Bukit Serdang, Selangor with a gross development value of RM861.4mil.
Overnight, the Dow Jones Industrial Average fell 57.88 points, or 0.14%, to 42,454.12, the S&P 500 lost 11.99 points, or 0.21%, to 5,780.05 and the Nasdaq Composite lost 9.57 points, or 0.05%, to 18,282.05.
Hong Leong Investment Bank Research noted that after a healthy pullback from the year-to-date high of 1,684 to a low of 1,625 on Oct 4, the KLCI has been consolidating upward, closing at 1,640.9 yesterday.
“Nevertheless, the index could face choppy trading ahead of the Budget 2025 announcement on Oct 18 (support: 1,606-1,625; resistance: 1,652-1,659-1,684), given the weak buying momentum as investors weigh big banks earnings, lingering geopolitical tensions in the Middle East and expectations of fresh stimulus from China’s MOF briefing tomorrow,” it added.
HLIB Research noted that Public Bank will likely break out of its downtrend, having stayed above the RM4.40-4.50 support levels for the past two months, supported by better technical readings.
“A successful breakout above the downtrend line will spur greater upside to retest RM4.68 (30D MA), RM4.79 (upper BB) and RM4.84 (52w high) levels,” it said.
