The stock market's medium term outlook remains firm, says JF Apex Research.
KUALA LUMPUR: JF Apex Research expects Mudajaya, Suria Capital, MRCB and Ajiya to be among the stocks to watch on Wednesday with the latest corporate news.
Mudajaya's 26%-owned company in India started selling 200 megawatt (MW) of electricity to several power distribution companies in Uttar Pradesh.
Mudajaya was also awarded a RM58.3mil contract by Prasarana Malaysia Bhd to build part of the light rail transit line three (LRT 3) project from Bandar Utama to Johan Setia, Klang.
As for Suria Capital, it is working with a Taiwanese shipping company to look into implementing growth strategies to enhance their bilateral ports operations.
JF Apex Research said MRCB is looking to collaborate with India's conglomerate Adani Group to build multiple convention centres in India.
Ajiya saw a deviation of over 22% between its unaudited and audited financial statements for its FY16. The group reported earnings of RM18.71mil in the unaudited financial statements for FY16, compared with RM14.49mil in the audited accounts.
Icon Offshore bagged an RM8mil contract to provide one platform supply vessel to Halliburton Energy Services (M) Sdn Bhd.
The research house also pointed out Sasbadi has secured three contracts worth RM6.81mil from the Ministry of Education to publish and supply Mathematics, Arts Education and Chinese Language textbooks. The three texbooks will be supplied to all Year 2 students at Chinese national-type primary schools throughout the country for about three years.
Overnight on Wall Street, US markets ended flat ahead of a meeting between presidents of the US and China.
Earlier, European stocks advanced after being led by basic resources, commodities and manufacturing counters.
At Bursa Malaysia, the FBM KLCI added 1.70 points to close at 1,747.19.
“Following the mixed performance in the US and Europe, the KLCI is expected to remain flat below its resistance of 1,770. Medium term outlook remains positive as the uptrend channel remains intact,” it said.
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