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Trading Ideas: Straits, Able Group, Astro, Magni-Tech

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KUALA LUMPUR- Straits Inter Logistics, Able Group, Astro Malaysia, Magni-Tech, Sunway Construction, AWC and TRC Synergy to be among the companies which could see trading interest on Friday after their corporate announcements, says JF Apex Research.

Straits Inter Logistics has secured a six month contract worth RM45mil to provide oil bunkering and related services.

Able Group received a takeover offer at 13 sen a share from its managing director.

JF Apex Research pointed out Astro’s second quarter net profit jumped 96% on-year mainly due to lower finance costs on the back of favourable unrealised foreign exchange gains;

As for Magni-Tech, its 1QFY18 net profit fell 17% on-year, due to net foreign exchange loss recorded for the quarter;

Sunway Construction won a RM581.66mil contract to build 1Malaysia Civil Servants Housing (PPA1M) apartments in Kelantan.

AWC secured a RM32.6mil subcontract to provide plumbing for the 8 Conlay project developed by Damai City Sdn Bhd.

TRC Synergy’s joint venture partner Konsortium Kontraktor Melayu Sdn Bhd (KKM), has bagged a RM348.3mil job from Mass Rapid Transit Corp Sdn Bhd to build a maintenance depot in Serdang, Selangor;

Overnight on Wall Street, US markets ended mixed as the Dow inched to a record high after inflation data exceeded estimates, increasing the odds of a tighter monetary policy.

Earlier, European stocks also closed mixed with the FTSE tumbling after the Bank of England said it might raise interest rates in the next few months.

At Bursa, the FBM KLCI lost 4.70 points to end at 1,781.37.

“Following the mixed performance in the US and Europe, the KLCI could remain lacklustre below the resistance of 1,800,” JF Apex Research said. -THE STAR

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