Trading ideas: Iretex, IJM Corp, Mercury, SCGM, IOI Properties, UMW

KUALA LUMPUR: Ire-tex Corp Bhd , IJM Corp Bhd , Mercury Industries Bhd , SCGM Bhd , IOI Properties Group Bhd and UMW Holdings Bhd are among the stocks to watch on Wednesday, according to JF Apex Research.

Ire-tex was being queried by Bursa for unusual market activity after its share price rose as much as 45% to hit an intraday high of 29 sen.

The company said it was unaware of any rumour or report that may account for the sharp rise in price and volume of its securities recently.

IJM Corp Bhd has bagged a contract for the underground package of the Light Rail Transit Line 3 (LRT3) worth RM1.12bil.

Mercury Industries was awarded a RM25mil construction project in Gombak while SCGM saw third quarter net profit drop 22.7%.

IOI Properties has terminated an agreement with Hongkong Land International to develop a land in Singapore.

UMW is raising RM1.1bil via rights issue to finance the acquisition of a 50% stake in MBM Resources.

Meanwhile, US markets declined overnight after President Trump sacked US Secretary of State Rex Tillerson and blocked Broadcom from buying Qualcomm.

The Dow Jones industrial average closed 171.58 points lower at 25,007.03 while the S&P 500 declined 0.6% to 2.765.31.

Earlier, European stock tumbled following the political development in the US.

“Following the bearish performance in the US and Europe, the FBM KLCI could fall back towards the 1,840-point level,” JF Apex said.

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