Trading ideas: PIE Industrial, MSC, Padini, Palette, Bumi Armada

KUALA LUMPUR: PIE Industrial, Malaysia Smelting Corp (MSC), Padini, Palette Multimedia and Bumi Armada are among the stocks which could see trading action on Tuesday after their corporate news, says JF  Apex Research.

It said PIE Industrial posted a 74.48% yoy increase in its 2QFY17 net profit thanks to higher revenue, lower operating expenses and reversal of slow moving inventory.

MSC saw its 2QFY17 results return into the black, registering a net profit of RM9mil, compared with losses of RM10.3mil last year on the back of better associates and joint ventures' contribution.

Meanwhile, Padini has completed the registration of wholly-owned Padini (Cambodia) Co Ltd in Cambodia for 20 million riels (equivalent to US$5,000).

Padini Cambodia, a private limited company incorporated in Cambodia on July 14, intends to be involved in the trading of apparel, shoes and accessories.

Palette Multimedia has bagged a contract from Trade House Atlantis Ltd to provide hardware platform for US$450,000 (about RM1.92mil) and is to be delivered by Jan 15, 2018.

Bumi Armada has incorporated three new subsidiaries in Netherlands to establish commercial presence close to its offshore services target clientele and major oil and gas companies.

US markets rose overnight with the Dow stretching its record high for a ninth straight day. Earlier, European stocks tumbled after the United Nations implemented new sanctions on North Korea.

“Following the mixed performance in the US and Europe, the FBM KLCI could trend sideways below the resistance of 1,800 points,” JF Apex said.

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