KUALA LUMPUR: MyEG Services, REDtone International and Tadmax Resources are some of the stocks which could see trading interest on Monday after their corporate announcements, says JF Apex Research.
The Malaysian Competition Commission (MyCC) fined MyEG RM2.27 million and it could possibly impose daily fines going forward, for “abusing its dominant position in the provision and management of online Foreign Workers Permit renewals.
REDtone reported net loss of RM23.53mil in the fourth quarter ended April 30, due to high project costs arising from prolonged delay in major projects, high impairment of trade receivables.
JF Apex Research said Tadmax called off its plan to sell its 60-acre leasehold land in Pulau Indah in Klang to Inai Kiara Sdn Bhd for RM48.35 million, after the two decided to mutually terminate the deal.
Last Friday, US markets plunged over 3% after Brexit caught investors by surprise. Similarly, European stocks nosedived after the UK voted to leave the EU.
At Bursa Malaysia, the FBM KLCI ended 5.93 points lower at 1,634.05 after a late surge lifted the index from an intra-day low of 1611.88 points.
“Following the bearish sentiment and uncertainty from Brexit, the KLCI is expected to remain volatile with a bearish bias as immediate support is seen at 1,610.
“The local market and currency could be under foreign selling pressure for this week with crude oil prices retreat from US$50 a barrel,” said JF Apex Research.
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