Trading ideas: Ho Hup, EKA Noodles, Sarawak Cable, Prestariang

In its filing with Bursa Malaysia, the noodle manufacturer said its unit, EKA Foodstuff Sdn Bhd (EFSB), had fully resumed operations since yesterday, while production activities at another unit, Kilang Bihun Bersatu Sdn Bhd (KBBSB), would fully resume next month. EKA Noodles

KUALA LUMPUR: JF Apex Research expects Ho Hup, EKA Noodles, Sarawak Cable and Prestariang to be among the stocks to watch on Friday after their corporate news.

Ho Hup secured a 36-month contract worth RM221.4mil from DSE Construction Sdn Bhd to undertake repairs along Sungai Besut, Terengganu.

JF Apex Research pointed out that EKA Noodles’s units Kilang Bihun Bersatu Sdn Bhd and EKA Foodstuff Sdn Bhd will shut down their manufacturing plants and cease operations from Jan 18.

Sarawak Cable called off its proposed private placement of up to 10% of its issued and paid-up share capital to raise about RM53.9mil due to market conditions and its share price.

Perisai was granted a restraining order by the High Court against all proceedings and actions brought against the two companies.

Prestariang is teaming up with Alibaba's subsidiary Alibaba Cloud and technology firm Conversant Solutons Pte Ltd to build an integrated education platform known as EduCloud.

Overnight on Wall Street, US markets closed lower declined after President-elect Donald Trump's first press conference disappointed investors when he failed to provide details of his key policies. European stocks also fell after Trump's news conference.

At Bursa Malaysia, the FBM KLCI gained 2.55 points to 1,677.76. 

“Following the negative performance in the US and Europe, the KLCI could pull back after failing to break the resistance of 1,680 this week,” JF Apex Research said