Trading ideas: Mynews, Gamuda, Tan Chong Motor, YFG, VS Industry and Tenaga Nasional

KUALA LUMPUR: Stocks to watch for on Monday include Mynews, Gamuda. Tan Chong Motor, YFG, VS Industry and Tenaga Nasional, said JF Apex research in its morning report.

The research house highlighted that Mynews's net profit jumped 14.81% yoy for its fourth quarter ended Oct 31, 2018, on the back of higher revenue.

Gamuda announced a 15.7% yoy drop in its net profit for the first quarter ended Oct 31, 2018, primarily because it stopped recognising its share of earnings from water concessionaire Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).

Tan Chong Motor said it is set to lose its right to import and distribute Nissan vehicles and parts in Vietnam with effect from Sept 10 next year.

YFG has received a termination letter from Atta Global Group Bhd to stop construction works for a RM40mil project on Jalan Sultan Azlan Shah, Penang.

VS Industry's net profit fell 7.1% y-o-y, mainly due to a loss on disposal of a subsidiary and foreign exchange loss.

Tenaga Nasional will raise the imbalance cost pass-through (ICPT) surcharge for non-household users from March 1 to June 30 next year, to help offset rising costs.

The FBM KLCI slid 14.04 points to 1,661.96 points at its previous close.

"Following the bearish performance in the US and Europe, the FBM KLCI is expected to decline with support at 1610 points," said JF Apex.

Meanwhile, US markets plunged with the Dow Jones and S&P500 losing about 2% following the announcement of weak economic data from China and Europe. The Nasdaq slid 2.3%.

In Europe, stocks closed lower amid global growth fears while the Brexit fears continued to weigh.