Trading ideas: Advanced Packaging Technology, Artroniq, Kim Loong, SCGM

KUALA LUMPUR: Stocks to watch on Wednesday include Advanced Packaging Technology (M) Bhd, Artroniq Bhd, Apollo Food Holdings Bhd, Kim Loong Resources Bhd and SCGM Bhd, according to JF Apex Research.

Advanced Packaging Technology has proposed a reorganisation under which a newly formed company — Greater Bay Holdings Bhd — will take over its issued share capital and assume its listing status.

The group has also proposed a share split involving the subdivision of every one existing share into four subdivided shares.

Artroniq said it is in the midst of discussions to acquire an ICT company and monetise its manufacturing business, responding to an unusual market activity (UMA) query by Bursa Securities.

Apollo Food's net profit for the third quarter ended Jan 31, 2022 almost doubled by 44.73% to RM5.08mil from RM3.51mil last year due to higher sales.

Kim Loong Resources’ net profit for the fourth quarter ended Jan 31, 2022 jumped more than threefold to RM31.55mil from RM10mil a year ago, driven by higher palm oil prices.

SCGM posted a 22.46% decline in net profit for the third quarter ended Jan 31, 2022 to RM6.28mil from RM8.1mil a year ago, mainly dragged by higher prices of resin, additives, chemicals and packaging.

Meanwhile, the US market surged overnight following optimism of a ceasefire in Ukraine while an inverted yield curve raised concerns of a recession.

The Dow Jones Industrial Average rose 0.97%, to 35,294.19, the S&P 500 gained 1.23%, to 4,631.6 and the Nasdaq Composite added 1.84%, to 14,619.64.

Similarly, European stocks advanced after another round of Russia-Ukraine talks started yesterday

“Following Wall Street's gains, the FBM KLCI could rebound today but remains sideways below the resistance of 1,620 points,” JF Apex said.

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