Trading ideas: Sarawak Cable, Mudajaya, Pestech, Cypark, MBSB, Ageson and Destini

KUALA LUMPUR: Companies that made recent corporate announcements that could influence trading interest include Sarawak Cable, Mudajaya, Pestech, Cypark, MBSB, Ageson and Destini, said Apex Research.

Sarawak Cable Bhd as it has triggered Practice Noted 17 status after its external auditor expressed a disclaimer of opinion on its audited financial statements.

Mudajaya Group Bhd has bagged a contract from the Public Works Department of Sarawak (JKR Sarawak) to undertake the design and construction of a vehicle yard and associated facilities at Senari Port in Sarawak for RM56.93 million.

Pestech International Bhd has won a contract from the National Grid Corp of the Philippines (NGCP) for the maintenance of a gas-insulated switchgear substation in Subic, Philippines worth RM32 million.

Cypark Resources Bhd’s net profit for 3QFY22 fell 29.2% YoY to RM11.8 million.

Malaysia Building Society Bhd (MBSB) has obtained a three-month extension from Bank Negara Malaysia (BNM) to negotiate with Permodalan Nasional Bhd (PNB) over its proposed merger with Malaysian Industrial Development Finance (MIDF) until Jan 5, 2023.

Ageson Bhd has signed a Memorandum of Understanding as part of its proposal to sell 4,000 units of vending machines and retail fridges to Koperasi Belia Nasional Bhd (Kobena) for RM120 million or RM30,000 per unit.

Destini Bhd has been appointed the exclusive distributor in Malaysia for Singapore-based Alpha ESS International Pte Ltd, namely for its energy storage systems for residential and commercial usage, and electric vehicle (EV) chargers.

Meanwhile, Apex said the FBM KLCI could trend lower towards the support of 1,370 points following the recent bearish momentum.

The US market plunged on Friday following ongoing concerns over inflation, interest rate hikes and recession.

Earlier, European stocks rose in a sharp rebound as the Bank of England began its bond buying programme.

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