Trading ideas: Cycle & Carriage, Kejuruteraan Asastera, Wah Seong, Pharmaniaga, Jaycorp

KUALA LUMPUR: Cycle & Carriage Bintang Bhd, Kejuruteraan Asastera Bhd, Wah Seong Corp Bhd, Pharmaniaga Bhd and Jaycorp Bhd are among the stocks to watch on Thursday, according to JF Apex Research.

Cycle & Carriage Bintang’s largest shareholder Jardine Cycle & Carriage Ltd (Jardine CCL) has made a fresh bid to privatise the country's largest dealer of Mercedes-Benz at RM2.40 per share.

Kejuruteraan Asastera has bagged two electrical engineering contracts worth RM14.7mil.

Wah Seong, via its wholly-owned subsidiary WS Engineering & Fabrication Pte Ltd, has bagged a contract worth US$35.95mil, equivalent to RM147.81mil, for modules fabrication works on a project in the UK.

Pharmaniaga's fourth-quarter net loss narrowed to RM6.33mil, from RM178.6mil a year earlier, despite a reduced demand from its concession business amid the Covid-19 pandemic.

Jaycorp has temporarily closed its 87%-owned subsidiary Instyle Sofa Sdn Bhd (ISSB) after 55 of its employees tested positive for Covid-19.

Serba Dinamik is collaborating with seven institutions of higher learning as its strategic partners in Malaysia to establish a New Space Economy Nexus to explore the areas in space technology.

Overnight, U.S. stocks erased earlier losses and jumped higher Wednesday after the Federal Reserve said it sees no interest rate hikes through 2023 and that it will let inflation run hotter than usual to ensure a full economic recovery.

Meanwhile, European stocks closed lower on Wednesday as global investors awaited the outcome from the latest meeting of the Federal Reserve.

“The local benchmark index is expected to tread higher today, inspired by the US Federal Reserve’s policy outcome and the government’s announcement of a new stimulus package yesterday,” JF Apex said.

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