Trading ideas: Hibiscus, Genetec, MCIL, Bumi Armada

Bumi Armada is contesting the termination of its contract with Woodside Energy Julimar.

KUALA LUMPUR: JF Apex Research expects Hibiscus Petroleum, Genetec Technology, Media Chinese International Ltd and Bumi Armada to be among the stocks to watch on Monday after their corporate announcements.

Hibiscus Petroleum  asserted that a co-shareholder in Lime Petroleum Plc, Singapore-listed Rex International Holding Ltd, has continued making only "bare, unsupported assertions and claims" regarding alleged discrepancies on Hibiscus' part when disclosing information on Lime Petroleum Plc.

Genetec plans to consolidate 10 existing shares into one share to reduce fluctuation in its share price.

MCIL’s unit  has proposed to sell its 73.01% or 292.97 million shares in One Media Group Ltd to Qingdao West Coast Holdings (International) Ltd. Qingdao West Coast’s major shareholder is a Chinese state-owned enterprise.

Bumi Armada announced Woodside Energy Julimar Pty Ltd has sought to terminate its the contract over the charter of the Armada Claire Floating Production Storage and Offloading unit. Bumi Armada says that the notice of termination is not valid and is a repudiation of the contract.

Last Friday, US markets climbed following higher oil prices and favourable jobs data. European stocks gained after the rally in mining counters, better-than-expected US employment data and rebound in oil prices.

At Bursa, the FBM KLCI gained 4.29 points to end at 1,692.49. 

“Following the optimism in the US, the FBM KLCI is expected to test the psychological level of 1,700,” it said.