3 days Ago
KUALA LUMPUR: Globetronics Technology Bhd , PGF Capital Bhd , Pansar Bhd , Nextgreen Global Bhd (NGGB), Heitech Padu Bhd and Cosmos Technology International Bhd are among the stocks to watch on Tuesday. Pansar has secured a RM777.11mil road construction contract for Phase 2 of the Sabah-Sarawak Link Road project.
PGF Capital Bhd has proposed to buy a piece of freehold land measuring 96,720 square metres in Kulim, Kedah for RM40mil. The Employees Provident Fund and Lembaga Tabung Haji are no longer substantial shareholders of Globetronics following the company’s announcement of the voluntary resignation of its external auditor, KPMG PLT. NGGB announced that Tan Sri See Hong Cheen has secured 22.
7 milllion NGGB shares, arising from a private placement exercise. HeiTech Padu has won a RM133.73mil contract from the Road Transport Department Malaysia.
Cosmos Technology is selling its entire equity interest in MCI Etech Sdn Bhd to Loyal Fame Sdn Bhd for RM12.31mil cash. TA Securities stated that, due to the weak selling momentum following recent profit-taking corrections, there is likely to be increased bargain-hunting interest from sidelined investors ready to commit fresh funds in anticipation of recovery gains.
In the meantime, investors will be keenly awaiting a decision from the US central bank monetary policy meeting mid-week for a highly anticipated 25 basis point interest rate cut before increasing commitments. “Immediate index support remains the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. “Immediate resistance is set at 1,670, with the recent high of 1,684, then 1,695, Dec 2020 high, as tougher resistance levels,” TA said.
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