Trading ideas: MMC, Gamuda, Eita Resources, DNeX

KUALA LUMPUR: MMC-Gamuda KVMRT (T) Sdn Bhd, Dagang Nexchange Bhd (DNex) and EITA RESOURCES BHD are among the stocks to watch today, according to JF Apex Research.

The research house said a joint-venture MMC-Gamuda will remain as the contractor for the underground works portion of the MRT Sungai Buloh-Serdang-Putrajaya line (MRT2) at a lower cost of RM13.11bil.

EITA Resources has secured a contract from Tenaga Nasional Bhd for a main substation extension worth RM18.28mil in Ayer Tawar, Perak.

DNex has bagged a RM59.36mil maintenance contract from the Accountant General’s Department.

Meanwhile, US markets tumbled on Friday following heavy losses in technology counters.

Similarly, European stocks plunged on concerns over Italy's financial health, US-China trade war and rising interest rates.

“Following the bearish performance in the US and European markets, the FBM KLCI could extend its selldown towards the support of 1,660 points,” JF Apex said.

It said the technical indicators for FBM KLCI were negative with the RSI falling into the oversold zone while the MACD was trending lower below its signal line.

“This month’s selldown broke the 100-day moving average. Last week’s decline broke the support of 1,700 points and the index could consolidate above the next support at 1,660 points,” JF Apex said.

Business News , Analyst Reports , MMC , Gamuda


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