The research house also expects Perdana Petroleum, CJ Century, Tasco, Engtex, Petron, Kelington, Ajinomoto, Kossan, Magnum and HSL to see trading interest following their latest corporate results.
ARB has signed a contract with a Cambodia agriculture products firm to provide an
enterprise resource planning (ERP) system.
It said the contract with Tatan Land Co Ltd is expected to contribute an estimated US$20mil (RM84mil) to the group’s topline per year.
JF Apex noted that AAX, Media Prima, Perdana Petroleum, CJ Century, Tasco, Engtex, Petron saw their quarterly net earnings decline year-on-year.
On the other hand, AMMB, Allianz, Serba Dinamik, Kelington, Ajinomoto, Kossan, Magnum, HSL reported higher year-on-year net profits for their quarterly results.
Meanwhile, US markets ended mixed as investors await for Federal Reserve chairman's speech at the Jackson Hole symposium.
Earlier, European stocks declined following renewed concerns of a recession.
“Following the mixed performance in the US and Europe, the FBM KLCI could continue to trend sideways above the support of 1,590 points, ” JF Apex said.
The research house said the FBM KLCI benchmark index was on an uptrend since May after rebounding from a low of 1,570 points and tested the 200-day moving average below 1,700 points before declining in July.
“Last month’s downtrend broke the 50- and 100-day moving averages. After the recent selldown, the FBM KLCI could consolidate above the support of 1,590 points before staging a rebound, ” it added.