Trading ideas: Ajiya, MMC, UMW OG, UMW

Moody's outlook on the Korean banking system has been negative since May 2016.

KUALA LUMPUR: Ajiya, Destini, TH Heavy Engineering, MMC, UMW OG, UMW Holdings are among the stocks which could see trading interest on Friday after their corporate news, says JF Apex Research.

It said Ajiya’s net profit for the 4QFY16 rose 64% on-year to RM7.05mil due to higher operating profit.

As for Destini and TH Heavy Engineering, the JV bagged a RM738.9mil government contract to supply three offshore patrol vessels for the Malaysian Maritime Enforcement Agency (MMEA).

JF Apex Research said MMC is selling its unit, MMC Oil & Gas Engineering Sdn Bhd, for RM50mil to focus on its core businesses. MMC expects to have a one-off gain on disposal of RM16.5mil.

UMW Oil & Gas plans to acquire Icon Offshore and other O&G asset from Ekuinas. 

UMW Holdings is exiting its oil and gas business with its demerger plan with UMW Oil & Gas.

Overnight on Wall Street, US markets ended lower led by property counters with the Dow on a five-day losing streak as investors await President-elect Donald Trump's inauguration. 

European stocks also closed lower after the European Central Bank kept interest rates unchanged.

At Bursa, the FBM KLCI added 1.49 points to 1,666.51. Following the lacklustre performance in the US and Europe, the FBM KLCI could remain sideways below the resistance of 1,680, it said.
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