Trading ideas: Petronas Chemicals, CMMT, MRCB, MNRB

KUALA LUMPUR: Petronas Chemicals, Capitaland Malaysia MallTrust (CMMT), MRCB and MNRB are among the stocks which could see some trading interest on Friday after their corporate announcements, says JF Apex Research.

PetChem cancelled its US$1.3bil elastomers project at the Refinery and Petrochemicals Integrated Development (Rapid) project in Johor.

CMMT’s 1QFY16 net profit rose 7.3% on-year to RM41.05mil, mainly due to new contributions from Tropicana City Mall and Tropicana City Office Tower in Petaling Jaya, that were acquired in July last year.

MRCB has fixed the issue price for the first tranche of the proposed private placement comprising up to 100 million placement shares at RM1.09 each.

MNRB received the approval to carry on its general retakaful and family retakaful business, effective April 13.

Overnight on Wall Street, US markets registered small gains overnight as financial stocks climbed for the fifth day after banks posted encouraging earnings. 

Earlier, European stocks ended slightly higher as cautious investors await the outcome from oil producers' meeting in Doha this weekend as well as Bank of England's interest rate decision and monetary policy announcement later on Thursday.

At Bursa Malaysia, the FBM KLCI extended its sideways trend after adding 0.67 point to 1,723.78. 

“Following the neutral performance in the US and Europe, the FBM KLCI could remain flat below its resistance of 1,727. Today's market direction could be influenced by China's GDP announcement,” it said.