KUALA LUMPUR: Stocks to watch on Wednesday include T7 Global Bhd, Hai-O Enterprise Bhd, Bioalpha Holdings Bhd, Boustead Holdings Bhd, Jade Marvel Group Bhd and KIP Real Estate Investment Trust (REIT), according to JF Apex Research. T7 Global has won a contract extension from Petronas Carigali Sdn Bhd to provide underwater inspection services using a mini remotely-operated vehicle. Beshom Holdings Bhd (Beshom) will take over the listing status of Hai-O Enterprise under a corporate exercise where Beshom will focus on multi-level marketing, manufacturing, property while Hai-O will concentrate on wholesale and retail business. Bioalpha has proposed to undertake a rights issue of up to 83.34 million new shares and up to 208.34 million new irredeemable convertible preference shares (ICPS) to raise funds primarily for the group's working capital requirements. Boustead Holdings said it will not be able to comment at this juncture on a media report, on the intention of Lembaga Tabung Angkatan Tentera (LTAT) to privatise the group via selective capital reduction and repayment. Jade Marvel said the group and JSC Land Sdn Bhd have mutually agreed to terminate their joint venture agreement (JVA) to develop a project in mainland Penang. KIP REIT has reported a 5.7% drop in net property income (NPI) for its second quarter ended Dec 31, 2020 to RM13.9mil from RM14.73mil a year ago, as the trust continues to be affected by the movement control order (MCO). Sentral REIT saw its NPI slip 2.4% to RM29.44mil in the fourth quarter ended Dec 31, 2020 from RM30.15mil a year ago, due to lower revenue and higher unrealised rental income. Meanwhile, Wall Street started the week with modest gains ahead of President-elect Joe Biden’s inauguration. The Dow rose more than 100 points on Tuesday, while the S&P 500 gained 0.8%, snapping a two-day losing streak. The Nasdaq Composite rallied 1.5% as big technology stocks rebounded from last week’s sharp losses. Earlier, European stocks fell as investors monitored hopes for economic recovery and the confirmation speech of incoming U.S. Treasury Secretary Janet Yellen. “Following the positive performance in Wall Street, the FBM KLCI could stage a rebound with support at 1,570 points,” JF Apex said.
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