Tuesday, December 27, 2011

#Stocks to watch* WCT, Ingress Corp, Metrod, Bumi Armada

KUALA LUMPUR (Dec 28): The FBM KLCI could extend its gains on Wednesday after breaching the psychologically-crucial 1,500 a day earlier following a late surge in buying in relatively thin trade.

However, investor participation at the regional markets was subdued given the extended holidays at some markets, as well as ahead of home price data and consumer sentiment in the US.

Meanwhile, European stocks edged higher on Tuesday morning following the long Christmas weekend, helped by a late rally on Wall Street on Friday where better-than-expected macro data fuelled hopes for the global economy, according to Reuters.

Among the stocks that could be in focus on Wednesday are WCT BHD [], INGRESS CORPORATION BHD [], Metrod (Malaysia) Bhd and Bumi Armada Bhd.

WCT has been awarded an investment certificate to undertake a residential and commercial mixed development in Ho Chi Minh City, Vietnam. Its unit WCT (S) Pte Ltd will undertake the development on a land measuring 46,577 sq m in the New Urban Development Area of Saigon South in Ho Chi Minh City

Ingress Corp's subsidiaries via their joint venture have secured contracts worth a total RM55 million from TENAGA NASIONAL BHD [].

Metrod is set to realise a gain of about RM74.5 million from the disposal of its Austria-based units for RM202.2 million ('49 million).

It said on Tuesday that its wholly-owned subsidiary, Metrod (Singapore) Ptd had entered into an agreement with GEP II Beteiligungs GmbH to dispose ASTA Holdings GmbH and ASTA Elektrodraht GmbH.

Bumi Armada Bhd has acquired a vessel for RM68 million cash as part of its fleet expansion plan. It had exercised its option to purchase the vessel to a memorandum of agreement with Galaxy Naviera Maritime S.A. Panama signed on Sept 28 this year.


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