KUALA LUMPUR: Petronas Dagangan Bhd (PetDag), AMMB Holdings Bhd’s (AmBank), United Malacca Bhd, Poh Huat Resources Holdings Bhd, Kim Loong Resources Bhd and NTPM Holdings Bhd to be among the stocks to watch on Wednesday, according to JF Apex Research.
PetDag is disposing of working inventory and deadstock (un-pumpable inventory) in six fuel terminals to Petronas’ wholly-owned unit Petco Trading Labuan Co Ltd (PTLCL) in a related party transaction for RM132.93mil.
AmBank has received approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB) for RM2.29bil in cash and a 30% stake in LIB.
United Malacca’s 4QFY22 net profit dropped 38.1% quarter-on-quarter to RM18.72mil.
Poh Huat’s 2QFY22 net profit jumped 81.75% YoY to a record RM23.08mil.
Kim Loong’s 1QFY23 net profit climbed 38.2% year-on-year to RM39.23mil.
NTPM’s net profit in 4QFY22 fell by a third to RM3.49mil.
Inari Amertron Bhd is investing RM283.33mil from its July 2021 private placement into a joint venture (JV) with China Fortune-Tech Capital Co Ltd (CFTC) to carry out outsourced semiconductor assembly and test (OSAT) services in China.
AT Systematization Bhd has cancelled its memorandum of understanding (MOU) with three joint venture partners to produce medical-grade mechanical air ventilators.
Meanwhile, the US market plunged overnight after the consumer confidence index came in below expectations.
Earlier, European stocks gained after China reduced the quarantine time to seven days.
“Following the ongoing uncertainty, the FBM KLCI could remain sideways above the support of 1,430 points,” JF Apex said.