Trading ideas: PIE, New Hoong Fatt, Scicom


KUALA LUMPUR: JF Apex Research expects PIE Industrial, New Hoong Fatt Holdings and Scicom to be among the stocks to watch on Tuesday.

It said PIE Industrial’s 3QFY16 net profit fell 67.1% on-year to RM4.6mi due to lower revenue and lower margins of its products.

As for New Hoong Fatt Holdings, the group's 3QFY16 net profit rose 22.4% on-year to RM6.41mil on fair value gain on its investment properties amounting to RM900,000.

Scicom's 1QFY17 net profit increased by 23.6% on-year to RM12mil mainly due to an increase in billings for outsourcing projects.

Overnight on Wall Street, the DJIA rallied more than 350 points or 2% after the FBI cleared Hillary Clinton of any wrongdoings over her private email server. Similarly, European markets jumped more than 1.5% ahead of the US election later Tuesday.
 
At Bursa Malaysia, the FBM KLCI gained 2.35 points to end at 1,650.59. Following the relief rallies in the US and Europe, the FBM KLCI is likely to extend its rebound with resistance at 1,678, said JF Apex Research.
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