Stocks to watch: WCT, PLUS, BHIC, Jerneh, Harvest

KUALA LUMPUR: Key Asian markets are expected to put up a lacklustre performance on Thursday, Dec 3 after the cautious overnight close on Wall Street.

At Bursa Malaysia, there could be some buying interest in selected stocks including WCT BHD [], BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd (BHIC) and JERNEH ASIA BHD []  but the overall breadth of the market is expected to be relatively quiet. HARVEST COURT INDUSTRIES BHD [] could see some mild profit taking.

The Nasdaq rose on Wednesday, Dec 2 as strong online holiday sales boosted shares of retailers, including Amazon.com, and relieved some concerns about the consumer, according to Reuters.

The Dow edged lower as falling oil prices prompted investors to sell energy shares, while the Standard & Poor's index finished flat.

The Dow Jones industrial average declined 18.90 points, or 0.18 percent, to end at 10,452.68. The Standard & Poor's 500 Index inched up just 0.38 of a point, or 0.03 percent, to finish at 1,109.24. The Nasdaq Composite Index gained 9.22 points, or 0.42 percent, to close at 2,185.03.

At Bursa Malaysia, WCT is the stock to watch after it accepted a contract from Malaysia Airports Holdings Bhd valued at RM363 million for the proposed building of a new low-cost terminal at the KL International Airport.

The scope of works under the contract comprises of site preparation, earthworks and main drainage which are expected to be completed on Jan 1, 2011.

In PLUS EXPRESSWAYS BHD [], Khazanah Nasional Bhd disposed of 92.03 million shares on Nov 20 and 25, reducing its total stake to 57.9% or 2.89 billion shares. This is part of the government investment arm's strategy to reduce its stake in government-linked companies.

BHIC could continue to see extended interest after it closed at a one-month high of RM4.82on Wednesday following an announcement that its associate Boustead Naval Shipyard Sdn Bhd had sealed a RM703.82 million contract with the Ministry of Defence for the service life extension programme of the latter’s corvettes.

Bank Negara has given Jerneh Asia Bhd the approval to start preliminary talks with the relevant parties keen to acquire its entire 80% of its insurance arm Jerneh Insurance Bhd. The remaining 20% equity interest in Jerneh Insurance is held by Paramount Global Assets Sdn Bhd, a unit of PARAMOUNT CORPORATION BHD [].

The securities of Harvest Court Industries Bhd rose in active trade on Wednesday ahead of Bursa Malaysia Securities’ announcement that it would be uplifted from Practice Note 17 of the Main Market Listing Requirements.

The shares rose 5.5 sen to 32 sen with 39.26 million shares done while the warrants, Harvest-WA, climbed eight sen to 21 sen. The warrants were the most actively traded with 59.38 million units done.