Trading ideas: MMC, Gamuda, AZRB, SunCon


KUALA LUMPUR: JF Apex Research expects MMC Corporation, Gamuda, Ahmad Zaki Resources Bhd (AZRB) and Sunway Construction (SunCon) to be among the stocks to watch on Tuesday.

It said MMC and Gamuda, which are members of the consortium for the Klang Valley Mass Rapid Transport, are being sued for over RM300mil for allegedly breaching a land acquisition contract.

Genting Plantations is acquiring 21,995 hectares in Indonesia for US$42.15mil.

As for AZRB, the group has bagged a RM152.3mil contract from the Public Works Department (JKR) to build a bridge across the Sungai Kuantan.

JF Apex Research also said SapuraKencana is selling gas produced from its SK310 B15 gas field to Petronas.

SunCon bagged a RM66.3mil contract to provide electrical services, and air conditioning and mechanical ventilation system for the Children's Specialist Hospital at University Kebangsaan Malaysia.

As for Bison, it posted net profit of RM4mil in the 2QFY16.

Overnight on Wall Street, US markets tumbled over 1% led by materials counters after last week's Brexit vote. European stocks fell for a second day as post-Brexit concerns continue to rock the market. 

At Bursa Malaysia, the FBM KLCI ended 4.53 points lower at 1,629.52 but off the intraday low of 1,618.25.

“The bearish sentiment continue to linger after Brexit and the FBM KLCI is expected to remain volatile with immediate support at 1,610,” it said.

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