Trading ideas: AmBank, RHB Bank, Perisai, Techfast

KUALA LUMPUR: JF Apex Research expects AmBank, RHB Bank, Perisai Petroleum and Techfast as among the stocks to watch on Wednesday after the fresh corporate news.

AmBank and RHB Bank ended their merger talks after failing to reach an agreement.

As for Perisai, it said three clients are claiming RM13.68mil in losses and damages from its unit, Perisai Drilling Sdn Bhd for an alleged breach of contractual obligation.

Techfast proposed a one-for-three bonus issue of up to 57.04 million new shares.

The research house said Ewein’s subsidiary Ewein Zenith II Sdn Bhd has scrapped its plan to buy a piece of freehold land that the Penang government had given to Consortium Zenith Construction Sdn Bhd (CZ) as payment for CZ’s work on the Penang undersea tunnel project and three related roads.

JF Apex Research pointed out Kerjaya Prospek, Boon Koon, RCE Capital, Inari, UMW O&G, Maybulk, UEM Edgenta achieved better on-year quarterly results, whilst Dutch Lady, Hock Seng Lee, DNex, Deleum, Salutica recorded weaker on-year financial results.

Overnight, US markets rallied on renewed hopes of a tax reform by President Donald Trump. Earlier, European stocks staged a rebound led by basic resources counters following higher metal prices.
On the local market, the FBM KLCI gained 2.60 points to end at 1,774.22. 

“Following the bullish performance in the US and Europe, the FBM KLCI could climb further towards its resistance of 1,800,” JF Apex Research said.

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