Trading ideas: Luster, Acme, Vortex, Tan Chong Motor

KUALA LUMPUR: Luster Industries Bhd, ACME Holdings Bhd, Vortex Consolidated Bhd and Tan Chong Motor Holdings Bhd are among the stocks to watch on Tuesday, according to JF Apex Research.

Luster Industries said it is branching into rubber glove making by teaming up with Fortune Tac Sdn Bhd to set up a new firm called Glovmaster Sdn Bhd.

Luster will hold a 56% stake in the firm and Fortune Tac the rest. Luster is funding RM50 million for the new joint venture.

Acme Holdings said it is exploring a potential joint venture (JV) with Skymind Holdings Bhd to produce artificial intelligence (AI) devices and offer AI solutions.

Vortex Consolidated is planning to raise up to RM84.18mil via a rights issue and private placement, mainly for repayment of borrowings and working capital.

The group said the proposed rights issue will involve the issuance of up to 370.84 million rights shares on the basis of one rights share for every one share held on an entitlement date to be determined later.

Tan Chong Motor's indirect wholly-owned subsidiary TC Motor Vietnam Co Ltd (TCMV) has inked a Memorandum of Understanding with Xiamen King Long United Automotive Industry Co Ltd to start negotiations to appoint TCMV as the sole and exclusive distributor of the King Long Kingo microbus model in Vietnam.

Overnight, US markets plunged overnight as the coronavirus stimulus talks stalled.

The Dow Jones Industrial Average closed 410.89 points lower, or 1.4%, at 28,195.42. The S&P 500 dropped 1.6% to close at 3,426.92 and the Nasdaq Composite pulled back 1.7% to 11,478.88.

Earlier, European stocks declined amid concerns over Brexit and rising coronavirus cases.

“Following the bearish performance in Wall Street, the FBM KLCI could pull back towards the support of 1,475 points,” JF Apex said.

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Luster Industries , Acme , Vortex , Tan Chong Motor


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