US markets ended slightly lower on their third straight day of losses following uncertainties over the coronavirus stimulus package and rising cases of infection. Earlier, European stocks plunged due to concerns over the US stimulus package and restrictions announced across Europe to curb the coronavirus from spreading.

On the local market, the FBM KLCI tumbled 9.30 points to 1513.95 points. Following the negative performance in Wall Street, the FBM KLCI could continue to trend lower with support at 1475 points.

Among stocks to watch are: FGV Holdings has received an expression of interest from Perspective Land (M) Sdn Bhd (PLSB), which is wholly-owned by Tan Sri Syed Mokhtar Albukhary’s privately-held Restu Jernih Sdn Bhd. PLSB intends to participate in FGV via an injection of plantation assets in exchange for shares. PLSB owns the Tradewinds group of companies, which include Tradewinds Plantation Bhd and Central Sugars Refinery Sdn Bhd; Mah Sing has proposed a diversification into the manufacturing and trading of gloves and related healthcare products, which will in turn provide the group access to the global market, thus reducing over-reliance on the domestic market for its property business. The group is also considering listing its manufacturing division to unlock the segment’s value; EcoFirst Consolidated has proposed to expand its footprint in the Klang Valley by acquiring a 4.76-acre piece of land in Cahaya SPK, Shah Alam for RM42 million; Homeritz has proposed a bonus issue with free warrants, which will involve up to 93.75 million bonus shares and 93.75 million warrants, to reward its shareholders and provide greater equity participation. The bonus issue will be on the basis of one bonus share for every four existing shares held, and one free warrant for every four existing shares held by shareholders on an entitlement date to be announced later; Powerwell has accepted two letters of intent from Sunway Group for contracts totalling RM9.1 million, bringing its outstanding order book to RM80 million; AWC and its partners have secured a water infrastructure project in Sarawak worth RM7.33 million from Real Teamtrade Sdn Bhd; Amtel Holdings, whose share price has surged 54% in the past one week, said today that it is unaware of the reason behind the sudden jump in its share price.