Trading ideas: Press Metal, Reach Energy, Elsoft, property stocks

KUALA LUMPUR: JF Apex Research expects Press Metal, Reach Energy, Elsoft, Pentamaster Corp and property stocks to be among the stocks which could attract trading interest on Thursday.

Press Metal has received the second interim claim of RM50mil from its insurer, MSIG Insurance (Malaysia) Bhd, for the fire incident at its smelting plant last year. 

This brings its total received interim claim due to the fire to RM70mil.

Reach Energy does not plan to launch a cash call to fund the capital expenditure incurred by its qualifying asset in the near term. The group is acquiring a controlling 60% stake in Kazakhstan's Emir-Oil fields for US$154.9mil(RM638.2mil).

Pentamaster is seeking an injunction against Elsoft the group to prevent them from producing and trading a product which is alleged to have infringed on its patents.

Property counters could see trading interest on reports the government might consider to relax bank requirement for mortgage approval to encourage first home ownership and stimulate the domestic economy.   

Overnight on Wall Street, US markets ended higher, underpinned rose overnight led by healthcare and energy stocks after the release of Federal Reserve meeting minutes. 

European stocks ended higher following positive manufacturing data from China and higher oil prices. 

On the local bourse, the KLCI shed 1.07 points to end at 1,717.01. 

“Following the positive performance on Wall Street, the KLCI could retest its resistance of 1,727,” it said.