Trading ideas: Hibiscus Petroleum, Dolomite, Econpile, Majuperak and MSM Malaysia

KUALA LUMPUR: Stocks to watch for following recent corporate announcements include Hibiscus Petroleum, Dolomite, Econpile, Majuperak and MSM Malaysia, said Apex Research.

Hibiscus Petroleum Bhd has proposed to undertake a RM800 million capital reduction to eliminate RM690.6 million in accumulated losses as of June 30, 2022.

Hibiscus has also proceeded to pay sales tax amounting to RM85.7 million to the Sabah state government.

Dolomite Corp Bhd has been ordered by the High Court to wind up due to its failure to repay RM177.38 million of debt.

Econpile Holdings Bhd has bagged a RM24.6 million contract from Berjaya Construction Bhd to undertake substructure work for a proposed 41-storey block of service suites in Jalan Imbi, Kuala Lumpur.

Majuperak Holdings Bhd has proposed to collaborate with its 55%-shareholder Perbadanan Kemajuan Negeri Perak to jointly develop assets on several land banks measuring 857.75 acres in Perak.

FGV Holdings Bhd's chief executive officer Datuk Mohd Nazrul Izam Mansor has been appointed to the board of MSM Malaysia Holdings Bhd.

Meanwhile, Apex said the FBM KLCI could extend its rebound towards the resistance of 1,427 points following the positive momentum on Wall Street.

The US market rallied overnight to extend its rebound following lower bond yields and weaker jobs reports.

Similarly, European stocks rose sharply as Euro zone producer prices were higher than expected.

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