Trading ideas: Datasonic, Protasco, Top Glove, Tiong Nam Logistics, Kelington, BP Plastics, Malaysian Bulk Carriers, Ivory Properties and KNM


KUALA LUMPUR: Stocks that could see increased investor attention on Tuesday include Datasonic, Protasco, Top Glove, Tiong Nam Logistics, Kelington, BP Plastics, Malaysian Bulk Carriers, Ivory Properties and KNM, said JF Apex Research.

Datasonic Group Bhd's RM318.75 million contract to supply 12.5 million passport chips to the Ministry of Home Affairs has been revised upward to RM350.14 million, to include provision of maintenance services worth RM31.39 million for 2022 and 2023.

Protasco Bhd has secured a contract worth RM299.2 million for the upgrading of a section of federal road in Kulim, Kedah.

Top Glove Corp Bhd executive chairman Tan Sri Dr Lim Wee Chai has bought two blocks of 2.8 million shares in the rubber glove company for RM2.31 million to increase his direct stake to 27.627% on July 15.

Tiong Nam Logistics Holdings Bhd has entered into a preliminary collaboration agreement with Johor Corp to jointly develop a logistics hub on a 300-acre plot of land in Sedenak Tech Valley, Johor.

Kelington Group Bhd posted an 84.4% YoY jump in net profit to RM13.56 million for 2Q22.

BP Plastics Holding Bhd's net profit for 2Q22 declined 17.45% YoY to RM12.19 million.

Malaysian Bulk Carriers Bhd is investing an estimated RM54.38 million to diversify into grocery retail business.

Ivory Properties Group Bhd has aborted its plan to jointly develop residential components with ECK Development Sdn Bhd on 135 acres of land in AirportCity and Aerotropolis in Kuala Muda, Kedah.

KNM Group Bhd founder Lee Swee Eng has ceased to be a substantial shareholder after he disposed of 40 million KNM shares via direct business transactions on Aug 12.

Meanwhile, JF Apex said the FBM KLCI could take a breather and consolidate below the resistance of 1,510 points.

The US market climbed overnight with gains from consumer and telecommunication stocks as investors overcame weak economic reports from China and Japan.

Similarly, European stocks rose despite lower Asian economic data and China's surprise interest rate cut.

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