Stock to Watch Xian Leng, ManagePay, AMMB

Business & Markets 2012
Written by Chong Jin Hun   
Wednesday, 04 April 2012 19:12
KUALA LUMPUR (April 4): The Malaysian stock market could see further profit taking on Thursday as investors weigh the impact of global economic updates against positive pre-election sentiment in Malaysia.

Crucial global highlights include US policymakers indication that they may not implement further quantitative easing to spur the world's largest economy. The updates had resulted in losses across Asian markets on Wednesday.

Malaysia's FBM KLCI erased earlier gains to finish 7.36 points or 0.46% lower at 1,599.27 points on Wednesday. In the US, the S&P 500 futures declined 10.5 points, while Dow Jones Industrial Average futures fell 100 points, a possible indication that US stocks may encounter another sell off.

Stocks to watch on Thursday include XIAN LENG HOLDINGS BHD [], APM AUTOMOTIVE HOLDINGS BHD [], ManagePay Systems Bhd, PHARMANIAGA BHD [], and AMMB HOLDINGS BHD [].

Trading of Xian Leng shares had been suspended since 12.16pm on Wednesday. In a statement to the exchange, the firm — which undertakes commercial breeding of ornamental fish — said it requested for the trading suspension pending the release of the findings of a special audit on the company's financials by PricewaterhouseCoopers.

HwangDBS Vickers Research Sdn Bhd has upgraded shares of APM, an automotive parts manufacturer, from "hold" to "buy", and raised its fair value for the stock from RM4.60 to RM5.60.

ManagePay was among the most-actively traded stock on Wednesday, when it rose as much as 27% or 5.5 sen to 26 sen, following updates on its strategic collaboration with Visa Worldwide Pte Ltd.

Pharmaniaga managing director Datuk Farshila Emran said the firm plans to double revenue contribution from the private sector from 3% to some 6% in current financial year ending Dec 31, 2012.

AMMB said its 51%-owned general insurance subsidiary AmG Insurance Bhd has received the government's consent to acquire KURNIA ASIA BHD [] 100% stake in Kurnia Insurans (Malaysia) Bhd.