Trading ideas: DRB-Hicom, Astral Asia, HeiTech Padu, MBSB
KUALA LUMPUR: JF Apex Research expects DRB-Hicom, Astral Asia, HeiTech Padu, MBSB, Fajarbaru and PIE Industrial to be among the stocks to watch on Tuesday after their corporate news.It said DRB-Hicom expects to secure a partner to grow its automotive business by the first quarter of 2017 and also denied that it may dispose of its entire stake in Proton;
As for Astral Asia, it called off the plan to expand its plantations which would have involved buying 35,000 acres of oil palm land in Sarawak.
HeiTech Padu won a RM37.29mil contract from Tenaga Nasional Bhd to build a a transmission main intake for the Mass Rapid Transport project at the Semantan Portal.Fajarbaru won a RM20.96mil infrastructure contract from the East Coast Economic Region Development Council.
PIE Industrial’s 2QFY16 net profit tumbled 35.8% on-year due to lower profit margin, higher operating expenses and higher provision for slow-moving inventories.
LKL International bought a steel sheet punching machine to cater to higher volume demands.
Overnight on Wall Street, US markets ended slightly lower after coming off record highs as investors await July's retail sales data due on Friday.
In contrast, European stocks closed higher, led by banking and mining counters amid higher oil price.
At Bursa Malaysia, the FBM KLCI rose 8.64 points to end at 1,672.68.
Following the mixed performance in the US and Europe, the KLCI could test the resistance of 1,685 with a positive bias after crossing the 100- and 200-day moving averages on Monday.
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