Thursday, October 1, 2015

Hong Leong Asia, QT Vascular, SBI Offshore, USP, Sinopipe

Here are some stocks to watch this Thursday morning:

Hong Leong Asia expects to make a loss for 3QFY2015 ended Sept 30. It is also likely to report a loss for the nine-month period. This was due to higher losses incurred by the group’s consumer products unit, Xinfei, as a result of lower sales. The counter closed at 89 cents on Wednesday.

QT Vascular has prevailed in a patent lawsuit filed by AngioScore in 2012. The jury returned a unanimous verdict that Chocolate PTA “does not infringe any of the asserted claims” of the patent in the dispute. The firm says it can continue to sell Chocolate without impediment. The group also does not expect that it will incur any liability on the patent claim. QT Vascular last traded at nine cents.

SBI Offshore's subsidiary Graess Energy has jointly won a contract for the sale of solar power in Maldives for 20 years. The contract was won in collaboration with Grass Solartechnik Schweiz SA and China Machinery Engineering Corporation. The PV system is likely to cost about US$3.5 million ($5 million), and sales of power is expected to be some US$550,000 per year. SBI Offshore closed at 19 cents.

USP Group, the manufacturer and trader of non-ferrous metals, says it plans to acquire and/or subscribe shares of Supratechnic which is involved in the trading of marine equipment and industrial machinery. Shares of USP ended at four cents.

Sinopipe Holdings says there has been no new developments in its bid to resume trading of its shares which have been suspended since April 2, 2012. Local authorities in China are still reviewing the case on “financial impropriety” involving its former CEO Chen Li Hui and subsidiary, Fujian Aton Advanced Material Science and Technology Co.

Markets

US stocks rallied at the close on Wednesday, driven by gains in consumer discretionary, materials and health-care sectors. The Dow Jones Industrial Average gained 235.57 points, or 1.5%, to close at 16,284.70. The S&P 500 gained 35.94 points, or 1.9%, to 1,920.03 while the Nasdaq Composite advanced 102 points, or 2.3%, to finish at 4,620.16.

The Straits Times Index ended the day 0.11% higher at 2,790.89. Gainers outnumbered decliners 205 to 168. A total of 1.13 billion shares worth $1.34 billion were traded.

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