Trading ideas: FGV, Telekom Malaysia, Transocean, Comfort Gloves and Prestariang

KUALA LUMPUR: Stocks that may see some price action on Wednesday include FGV, Telekom Malaysia, Transocean, Comfort Gloves and Prestariang, according to JF Apex research.

FGV has signed a memorandum of understanding with Hong Kong-listed China Machinery Engineering Corporation (CMEC) to explore the feasibility of a joint venture for the establishment of paper pulp production facilities.

Telekom Malaysia said the company has to date upgraded close to 60% out of over 340,000 Streamyx customers' high-speed Internet packages in UniFi-coverage areas to UniFi at the same price of their current plans, to widen the nation's broadband coverage.

Transocean has signed a heads of agreement with certain shareholders of logistics company Swift Haulage Sdn Bhd with a view to acquire the entire equity interest in Swift for not less than RM750mil.

Comfort Gloves’s net profit shrunk 40.6% y-o-y in the third financial quarter ended Oct 31, 2018 due to the one-off logistic cost of RM5.4mil and higher tax expenses in the absence of tax allowance.

The major shareholder of Prestariang, Dr Abu Hasan Ismail, has disposed of entire his stake and has ceased to be a substantial shareholder in the company.

In US markets, the Dow Jones Industrial Average gave up most of its gains at the close to end slightly higher while the S&P500 closed just above the flat line amid concerns over a government shutdown, lower oil prices and a potential rate hike.

Meanwhile, European stocks plummeted on fears over a global economic slowdown and weak oil prices.

US crude had plunged 7.3% to US$46.24, its lowest since August 2017 on oversupply concerns.
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