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March 20th - Stocks To Watch Tropicana, Eco World, Kuantan Flour, Top Glove, CIMB

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March 20th - Stocks To Watch Tropicana, Eco World, Kuantan Flour, Top Glove, CIMB Empty March 20th - Stocks To Watch Tropicana, Eco World, Kuantan Flour, Top Glove, CIMB

Post by Cals Wed 19 Mar 2014, 22:12

Stocks To Watch Tropicana, Eco World, Kuantan Flour, Top Glove, CIMB
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Wednesday, 19 March 2014 19:25

KUALA LUMPUR (Mar 19): Based on Bursa Malaysia announcements and news flow today, stocks to watch tomorrow (March 20) may include the following companies:

Tropicana Corp Bhd is selling 123ha (308.72 acres) of land within the South Klang area to Eco World Development Group Bhd for some  RM470.67 million or RM35 psf.

Trading of shares in Eco World and Tropicana was suspended from 2.30pm to 5pm today for the announcement.

Prior to the suspension, Eco World rose two sen or 0.4% to RM4.69 at 12.30pm. Tropicana added five sen or 3.6% to RM1.43.

Kuantan Flour Mills Bhd plans to place out to third-party investors up to 6.5 million new shares in the company. The shares constitute 10% of Kuantan Flour Mills' issued share base.

The company which has yet to determine the price of its placement shares, said proceeds from the exercise would finance the firm's working capital needs.

Top Glove Corp Bhd may be closely watched tomorrow as the company will announce its financials for the second quarter ended February 28, 2014 (2QFY14)

Maybank Investment Bank Bhd analyst Lee Yen Ling wrote in a note that Top Glove's 2QFY14 results "could be weaker on competitive pricing and realised forex loss". Lee said Top Glove's financials for the quarter might have come in below Maybank's and market forecast.

FBM KLCI-linked stocks with high foreign shareholding like CIMB Group Holdings Bhd and Malayan Banking Bhd could also attract market attention. The outcome of the US Federal Reserve's two-day meeting on "tapering" is expected later this evening.

A further reduction in the US' quantitative easing measures may lead to further capital flight from emerging markets like Malaysia back to US-based assets.

Reuters reported that Asian share markets were mostly lower on Wednesday, with investors still observing the Ukraine/Crimea crisis and ahead of a closely-watched Federal Reserve policy review later in the session.

The Fed is widely expected to continue to reduce the size of its monthly bond purchase program by $10 billion each meeting, but also to alter its forward guidance when it delivers the policy statement on Wednesday, the first policy review to be presided over by new Fed Chair Janet Yellen.
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