What are the stocks to watch this week

Here’s a return to our favourite story on what stocks to watch this week. Here’s our March stock to watch, by the way.

The US market surged overnight amid corporate earnings, lower oil prices and higher Treasury yield. Earlier, European stocks declined after the World Bank and IMF cut their growth projections.

On the local market, the FBM KLCI dropped 7.87 points to 1581.14 points. Following the recent lacklustre performance, the FBM KLCI could remain pressured with support at 1575 points.

Among stocks to watch are Caely Holdings Bhd. It says its bank accounts have been frozen by authorities and it is not aware of any wrongdoing.

Bumi Armada Bhd announced that the group and its subsidiary have been named in prosecutions initiated by the Indian Central Bureau of Investigation (CBI) and the Indian Enforcement Directorate (ED) with the Trial Court in India.

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Gamuda Bhd announced that its four highway concession holding companies have each separately accepted the respective takeover offer extended by Amanah Lebuhraya Rakyat Bhd.

Reservoir Link Energy Bhd said its wholly-owned Reservoir Link Sdn Bhd has received a letter of award from Roc Oil (Sarawak) Sdn Bhd for the provision of tubing cutter and tubing cutting.

GIIB Holdings Bhd said it needs more time to investigate the alleged wrongdoing by its executive director Wong Weng Yew.

Sarawak Cable Bhd (SCable) has partnered privately-held Hercules Engineering (Sea) Sdn Bhd to jointly revitalise the business of SCable’s wholly-owned steel fabricating subsidiary. – JF APEX