Trading ideas: ML Global, BHIC, UPA, Sealink

  • Business
  • Wednesday, 12 Jul 2017

UOB Kay Hian Malaysia Research expects Malaysian equities to be energised in 1H17 by a firmer ringgit and general election buzz.

KUALA LUMPUR: JF Apex Research expects ML Global, BOUSTEAD HEAVY INDUSTRIES CORPoration (BHIC), UPA Corporation and Sealink to be among the stocks to watch on Wednesday.

ML Global bagged a RM68.14mil subcontract from Samling Ekovest JV Sdn Bhd to undertake piling works in the Bau-Lundu stretch and the KSR Section in Sarawak under the Pan Borneo Highway project.

The Defence Ministry is claiming nearly RM148mil in damages from Boustead Heavy Industries over the breach of an obligation under the in-service support for the Navy Scorpene submarines contract.

UPA said it was notified by the government that it would be awarded RM32.67mil for the compulsory acquisition of its three plots of land. The acquisition will enable the government to construct the second Mass Rapid Transit line, which will be traversing from Sungai Buloh to Putrajaya via Serdang.

Meanwhile, Sealink secured a charter contract for one of its safety standby vessels and is selling two ageing vessels for RM52mil in total. 

JF Apex Research also said US markets ended flat overnight as President Donald Trump's presidency came under pressure following the Russia controversy after his son released emails on Twitter. 

European stocks declined after volatile oil prices and a survey by the CBI and PwC indicated negative business sentiment in the UK after the Brexit vote. 
At Bursa Malaysia, the FBM KLCI ended 2.10 points lower to 1,755.03. 

“Following the bearish performance in the US and Europe, the KLCI could extend its selldown below the 100-day moving average support level at 1,755,” it said.

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