Trading ideas: Axiata, Tenaga Nasional, Berjaya Land, RHB Bank, FGV


KUALA LUMPUR: Stocks that could be seeing price movement in Wednesday trading include Axiata, Tenaga Nasional, Berjaya Land, RHB Bank, FGV, JAKS Resources, Mah Sing, Wellcall, Kelington, CIMB, Ekovest, OSK Holdings, Tropicana and SCIB, says JF Apex Research.

Axiata’s 63%-owned subsidiary edotco Malaysia Sdn Bhd is acquiring the entire stake of Touch Group Holdings Bhd’s subsidiary Touch Mindscape Sdn Bhd for RM1.7bil on a debt-free and cash-free basis.

The acquisition will enable edotco to increase its tower market share from 21% to 25% while strengthening its aspiration to be the top five tower company in the world and cements its home market leadership position as the nation's largest independent tower company.

Tenaga Nasional has divested its 100% stake in TNB Power Daharki Ltd, which owns a gas turbine power plant in Pakistan, for US$54.5 million (RM229.58mil).

It said the divestment, right after the divestment of TNB’s compulsorily convertible debentures in India last August, marks another significant step in the utility group's strategy to streamline its international portfolio by prioritising growth of renewable energy in its focus markets such as the UK, the rest of Europe, and Southeast Asia.

Berjaya Land has formed a joint venture with Menteri Besar Inc Selangor’s subsidiary Landasan Lumayan Sdn Bhd (LLSB) to undertake river cleaning, river rehabilitation and river developments in the Klang Valley.

Among the river initiatives which LLB will undertake is the Selangor Maritime Gateway, a high economic impact project which will see approximately 600 acres of land along about 56 km of the Klang River to be developed over the next eight years.

RHB Bank, FGV, JAKS Resources, Mah Sing, Wellcall, Kelington chalked up better y-o-y quarterly earnings while CIMB, Ekovest, OSK Holdings, Tropicana, SCIB recorded weaker y-o-y quarterly results.

JF Apex said in in its daily highlights report that the FBM KLCI could remain under pressure and test the support of 1,500 points following the lacklustre performance in developed markets overnight.

US stocks tumbled as investors reassessed risks associated with the new Covid variant, Omicron.

INn addition, the US Federal Reserve chariman said he believed reducing the pace of monthly bond buys can move quicker than the US$15bil-a-month schedule announced earlier this moth.

Meanwhile, European equities closed lower following the hawkish comments by the Fed chair coupled with Omicron fears.
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