Trading ideas: Muhibbah Engineering, Censof, Glomac, Magna Prima
Thursday, 4 December 2014
KUALA LUMPUR: JF Apex Research expects Muhibbah Engineering, Cennsof, Glomac and Magna Prima to see trading interest on Thursday after the release of fresh corporate news and earnings.
The research house said Muhibbah bagged a RM135mil contract from Westport to build the container terminal 8 wharf and access bridges.
As for Censof, the group has won a RM2.8mil contract from Talent Corp Malaysia Bhd.
Glomac’s 2Q net profit shrank 66% on-year due to lower revenue following the completion of its property development projects.
JF Apex Research said Magna Prima deferred its high-profile RM1.8bil mixed development project called Iconic Towers on the Lai Meng school land on Jalan Ampang, Kuala Lumpur.
Bio Osmo aborted a planned deal to venture into the provision of catering and hospitality services to the oil & gas industry.
Overnight, US stocks rallied into the close, with the Dow and S&P 500 ending the day at records amid encouraging economic reports on Wednesday. Similarly, European shares closed higher with the expectation of further monetary stimulus by ECB.
At Bursa Malaysia, the FBM KLCI lost 27.82 points or 1.56% yesterday on the back of foreign selling with concerns on the slump in crude oil, depreciation of Ringgit and challenging economic outlook for next year.
“The local benchmark index could stage a mild rebound today following yesterday’s tumble but sentiment wise still weak as investors will trade cautiously following recent choppy trade. Our immediate support level is at 1,735,” JF Apex Research said.
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