Trading ideas: Ibraco, AwanBiru, Gas Malaysia, Kumpulan H&L, Top Glove

KUALA LUMPUR: Stocks to watch on Monday include Ibraco Bhd, Awanbiru Technology Bhd, Gas Malaysia Bhd, Kumpulan H & L High-Tech Bhd and Top Glove Corp Bhd, according to JF Apex Research.

Ibraco has secured a turnkey engineering, construction and commissioning contract, worth about RM169mil, for houses under the Rumah Pertiwi Scheme in Kuching, Sarawak.

AwanBiru Technology has secured a RM22.78mil contract from the Ministry of Education (MOE) to supply G Suite Enterprise For Education software to public schools in Malaysia. It said the three-year contract is effective July 9.

Gas Malaysia has raised the average natural gas selling price for the distribution segment of its unit Gas Malaysia Energy and Services Sdn Bhd to RM30.03 per metric million British thermal unit (MMBtu) for the 3Q21, compared with RM26.85 per MMBtu in the 2Q21.

Kumpulan H&L High-Tech, whose share price hit a limit up after jumping 30%, has received an unusual market activity (UMA) query from Bursa Malaysia over a recent spike in its share price and volume.

The police are investigating Top Glove for allegedly moving 1,606 workers out of their dormitories in Petaling Jaya, Selangor, to eight hotels, prior to the imposition of the Enhanced Movement Control Order (EMCO) there, according to a news report.

Meanwhile, the US market rallied on Friday with the Dow hitting a record high as stocks rebounded sharply from Thursday's worse-than-expected jobs report.

Similarly, European stocks rose following easing concerns over economic recovery and Covid-19.

“Following the recent sluggish performance and lack of catalyst, the FBM KLCI could trend sideways above the support of 1,500 points amid concerns over rising Covid-19 cases locally,” JF Apex said.