Trading ideas: Genting, GenM, Pos Malaysia, KLK, Pharmaniaga, Guocoland

KUALA LUMPUR: Stocks to watch on Friday include Genting Bhd, Genting Malaysia Bhd (GenM), Pos Malaysia Bhd, Kuala Lumpur Kepong Bhd (KLK), Pharmaniaga Bhd and Guocoland (Malaysia) Bhd, according to JF Apex Research.

Genting and Genting Malaysia’s sister company Genting Hong Kong has suspended payments to creditors. Genting Hong Kong said it will use its available funds to maintain critical services for the company’s operations and asked creditors to form a steering committee to evaluate a planned restructuring proposal, according to a statement to the Hong Kong stock exchange on Wednesday

Pos Malaysia is selling 51% of its air cargo business in East Malaysia for RM40mil cash.

JF Apex noted that KLK, Batu Kawan, Petronas Gas Pharmaniaga and Thong Guan saw quarterly profits increase.

On the other hand, Guocoland, MBM Resources, MSM Malaysia, Petronas Chemicals had their quarterly earnings declined.

Meanwhile, US markets advanced overnight with the S&P and Nasdaq hitting record highs following gains in technology counters despite higher jobless claims and the Federal Reserve's concern over the economy.

In Europe, stocks declined after the Fed expressed uncertainty over the economic recovery.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways above the support of 1,550 points,” JF Apex said.

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Genting , Pos Malaysia , Pharmaniaga , Guocoland


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