Trading ideas: Hibiscus Petroleum, Pintaras Jaya, XOX Networks and MUI

KUALA LUMPUR: There could be elevated trading interest in Hibisucus Petroleum, Pintaras Jaya, XOX Networks and MUI following recent corporate news flow, says JF Apex Research.

Hibiscus Petroleum said its indirect wholly-owned subsidiary Peninsula Hibiscus Sdn Bhd had successfully completed the acquisition of the entire equity interest in Fortuna International Petroleum Corp from Repsol.

Pintaras Jaya has secured a contract for earthworks, piling, substructure and ancillary works in Kuala Lumpur worth RM34.3mil.

XOX Networks said Grant Thornton Malaysia PLT has resigned as the group’s auditors.

MUI, through its venture arm Pan Malaysia Ventures Sdn Bhd, has emerged as the lead investor in designer perfume-subscription service provider Scentses + Co's seed-funding round under a strategic partnership that will allow Scentses + Co and MUI to effectively offer a more holistic retail experience that focuses on online and offline purchasing experiences to better appeal to new consumer preferences.

Meanwjile, JF Apex said the FBM KLCI could remain under pressure with support at 1,500 points following yesterday's 12.95-point plunge to 1,508.91.

The US market was negative overnight amid rising bond yields as the US Federal Reserve is expected to hike interest rates in March.

European stocks climbed amid corporate earnings and political tensions between Russia and Ukraine.
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