Stocks to watch: Linear Corp, SapuraCrest, Hiap Teck Venture, Ramunia

KUALA LUMPUR: The local market may extend its lacklustre performance, with the exception of interest in selected counters, on Wednesday, Dec 30 following the lower overnight closing on Wall Street and ahead of the year-end.

U.S. stocks eased in thin trade on Tuesday, Dec 29 snapping a six-day stretch of gains as investors decided to stay on the sidelines as year end approached

The Dow Jones industrial average dipped 1.67 points, or 0.02 percent, to end at 10,545.41. The Standard & Poor's 500 Index slipped 1.58 points, or 0.14 percent, to finish at 1,126.20. The Nasdaq Composite Index declined 2.68 points, or 0.12 percent, to close at 2,288.40.

At Bursa Malaysia on Tuesday, the 30-stock FBM KLCI closed 2.49 points higher to 1,275.22, in a late buying spurt. However, the FBM KLCI futures for December rose four points to 1,278 indicating that there could again be late buying on Wednesday.

Stocks to watch are Linear Corp Bhd, SAPURACREST PETROLEUM BHD [], HIAP TECK VENTURE BHD [] and RAMUNIA HOLDINGS BHD [].

Linear Corp Bhd has secured a RM1.66 billion project for the building and commissioning of a district cooling plant in Manjung Perak.

The company said its unit LCI Global Sdn Bhd accepted the project awarded by Seychelles' Global Investment Group Inc for the 350,000 refrigeration ton (RT) plant.

SapuraCrest Petroleum Bhd posted net profit of RM53.44 million in the third quarter ended Oct 31, 2009, up 44.7% from RM36.93 million a year ago, boosted by the turnaround in the installation of pipeline and facilities (IPF) division and the drilling unit.

Revenue was marginally lower at RM1.024 billion compared with RM1.046 billion. Earnings per share were 4.22 sen compared with 3.14 sen.

Hiap Teck Venture plans to acquire a 55% stake in dormant company Eastern Steel Sdn Bhd for RM110 million cash, mainly to gain access to the latter company’s industrial land which would house a blast furnace plant.

Eastern Steel owns two parcels of land measuring 242.8ha located within the Teluk Kalung Estate in Kemaman, Terengganu.

Ramunia's net loss narrowed to RM6.5 million in its fourth quarter ended Oct 31, 2009 (4QFY09) from a loss of RM71.4 million a year earlier, on the back of a 34.5% decline in revenue to RM58.4 million from RM89.2 million.

Meanwhile, attention should also be on Ho Hup CONSTRUCTION [] Bhd, whise share price surged 84% over two weeks ahead of tomorrow's EGM seeking shareholders approval for the proposed sale of two parcels of land.

Handal Resources Bhd has secured a RM17.5 million contract from Petronas Lubricants International Sdn Bhd for the building of new storage tanks for the Melaka lube blending plant capacity improvement project.

The duration of the contract was 14 months starting in early January next year.