KUALA LUMPUR: Stocks to watch on Thursday include Icon Offshore Bhd, Citaglobal Bhd, UMW Holdings Bhd, Muhibbah Engineering (M) Bhd, and TH Heavy Engineering, according to Apex Securities.
Icon Offshore is selling a jack-up rig for RM381.65 million, which is more than double the price paid by the company for it 22 months ago,
Citaglobal Bhd has secured an engineering, procurement and construction contract from Perlis Inland Port with a contract value of RM373.5 million — 85% higher than its market cap of RM202mil.
UMW Group is selling of 140 acres of land in Serendah to LONGi (Kuching) Sdn Bhd for RM304.92mil.
Muhibbah Engineering has won a RM240mil contract to undertake a job related to the Integrated Bekok Oil project located offshore Terengganu.,
TH Heavy Engineering will be delisted next Monday.
Companies with improved quarterly results such as Tenaga Nasional Bhd, FGV Holdings, CIMB Group Holdings, Leong Hup International, Hengyuan Refining Co, Hong Leong Bank, Berjaya Corp, Samaiden, Datasonic, and MRCB, as well as companies with lower quarterly earnings such as Bank Islam Malaysia, Serba Dinamik Holdings, and MNRB.
Meanwhile, Apex said the US market declined for a fourth straight day as hawkish comments from the Federal Reserve reiterated its aggressive stance on interest rate hikes.
Similarly, European stocks dropped after China's official PMI contracated in August.
“Following the bearish performance in Wall Street, the FBM KLCI could decline with support at 1,475 points,” Apex said.