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Trading ideas: Mudajaya, EITA Resources, Hap Seng, 7-Eleven


KUALA LUMPUR: JF Apex Research expects Mudajaya Group Bhd , EITA Resources Bhd , Hap Seng Consolidated Bhd , 7-Eleven Malaysia Holdings Bhd and Datasonic Group Bhd to be among the stocks to watch on Thursday.


Mudajaya is disposing of a 7.07% stake in R.K.M Powergen Pte Ltd to Apollo Ventures Co Ltd for US$19.5mil (RM76.6mil) cash. Mudajaya is expected to realise a loss of RM49.1 million from the proposed disposal.


EITA Resources has bagged RM80.6mil contract to supply escalators for the Light Rail Transit Line 3 (LRT3) from Bandar Utama to Johan Setia.


Hap Seng, 7-Eleven, Datasonic, Muhibbah Engineering achieved better year-on-year quarterly results whilst MRCB, Ahmad Zaki, DRB-Hicom recorded weaker year-on-year financial results.


Meanwhile, US markets plunged overnight following concerns of interest rate hike after Federal Reserve Chair Jerome Powell hinted on more than three hikes this year.


The Dow Jones industrial average fell 380.83 points to close at 25,029.20 while The S&P 500 fell 1.11% to finish at 2,713.83.


Similarly, European stocks tumbled following losses in basic resources, utilities and healthcare counters due to concerns of US rate hike.


“Following the bearish performance led by Wall Street, the FBM KLCI is expected to fall towards its support of 1,840 points,” JF Apex said.


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