Trading ideas: Datasonic, MyEG, Dutaland, Gadang and Vortex

KUALA LUMPUR: Stock to watch for on Monday include Datasonic, MyEG, Dutaland, Gadang and Vortex, says JF Apex Research.

Datasonic and MyEG have issued clarifications denying making payment to former Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi or anyone to secure projects from the Government. 

DutaLand has bagged a RM12.03mil contract for the construction of a new extension and upgrading work for the Avenue K shopping mall.

Gadang’s 1QFY19 net profit dropped 10% y-o-y due to lower revenue from its construction and utilities segment as well as higher expenses.

Vortex intends to raise up to RM54.89 million through a series of corporate exercises that involve a share consolidation, rights issue with warrants, and a right issue of new irredeemable convertible preference shares (ICPS).

Last Friday on Wall Street, the Dow Jones Industrial Average snapped a three-week losing streak as positive corporate earnings boosted equities. Proctor & Gamble helped lead the rally.

European markets closed lower amid ongoing tensions between Italy and EU regulators over the former's budget plan.

JF Apex said the FBM KLCI could perform positively on Monday given the lift in US markets and approach the resistance of 1,760 points.