Trading ideas: TM, Axiata, Digi, YTL Power, Top Glove, NCT Alliance

KUALA LUMPUR: Stocks to watch on Tuesday include Telekom Malaysia Bhd, Axiata Group Bhd, Digi.Com Bhd, and YTL Power International Bhd, Top Glove Corp Bhd and NCT Alliance Bhd, according to Apex Securities.

Apex noted that TM, Axiata, Digi and YTL have executed share subscription agreements (SSAs) to collectively take up a 65% stake in Digital Nasional Bhd, while Maxis Bhd and U Mobile Sdn Bhd have opted out.

Top Glove Corp Bhd is halting its dividend payout to preserve cash holdings, after its plant utilisation rate declined to 35% in 4QFY22.

NCT Alliance Bhd has proposed a private placement to raise up to RM48.37mil to fund property development activities and for working capital.

Paragon Union Bhd has proposed to diversify its existing core business to include recycling business, focusing on metal initially, to broaden its revenue stream and earnings base.

Meanwhile, US market declined overnight with the Nasdaq hitting a 2-year low.

The Nasdaq Composite closed 1.04% lower at 10,542.10, hitting its lowest close since July 2020, weighed down by a slump in semiconductor stocks. The S&P 500 also fell 0.75% to 3,612.39, dragged down by semi-stocks and dips in major tech names.

Similarly, European stocks declined following concerns over slower economic growth and monetary policy tightening by the central ban.

“Following the dissolution of parliament, the FBM KLCI could be volatile and trend lower towards the support of 1,370 points,” Apex said.

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TM , Axiata , Digi , YTL Power , Top Glove , NCT Alliance


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