Trading ideas: Astro, Selangor Dredging, Perdana Petroleum

KUALA LUMPUR:  Astro, Selangor Dredging, Perdana Petroleum and Tanjung Offshore are among the stocks which could see trading action on Thursday, says JF Apex Research.

It said pay-TV operator Astro's 3QFY17 net profit increased 42.44% on-year thanks to a decrease in depreciation of property, plant and equipment and lower net finance cost amid modest increase in revenue.

Selangor Dredging plans to buy a piece of freehold property in Serangoon Road, Singapore for S$47mil (RM147mil). This will be undertaken byTiara Land Pte Ltd, an indirect 50% associate.

Perdana Petroleum, the group said that its decision to cancel its Memorandum of Agreement (MoA) with Nam Cheong International Ltd was deemed unlawful by the latter. Thus, Nam Cheong has consequently treated the agreement as termination and has forfeited the deposit of US$8.4mil.

Tanjung Offshore is venturing into the aerospace industry via its unit T7 Aero Sdn Bhd, which signed an MoU with UK-based aerospace parts maker Kilgour Metal Treatments Ltd to pursue business opportunities in metal treatments. 

Overnight on Wall Street, the Dow and S&P hit new record highs as investors expect a monetary stimulus from the European Central Bank (ECB). 

Similarly, European stocks climbed on anticipation of further quantitative easing to be announced after ECB's meeting on THursday.
 
At Bursa Malaysia, the FBM KLCI gained 2.74 points to close at 1,632.47. 

“Following the bullish sentiment in the US and Europe, the KLCI could extend its ascend towards the resistance of 1,645,” it said.