Trading ideas: AMMB, QL Resources, KNM, Sime Darby Plantation, Ireka, KPS, Ranhill Utilities

KUALA LUMPUR: Apex Securities expects AMMB Holdings Bhd, QL Resources Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, KNM Group Bhd, Sime Darby Plantation Bhd, Sime Darby Property Bhd, Kumpulan Perangsang Selangor Bhd (KPS) and Ranhill Utilities Bhd to be among the stocks to watch on Friday.

AMMB Holdings and QL Resources will be included in the FBM KLCI 30-stock benchmark index come Dec 19, replacing Top Glove and Hartalega.

KNM’s proposed RM1.03bil sale of its key subsidiary Borsig GmbH has fallen through.

Sime Darby Plantation is disposing of 949 acres of freehold land in Kapar, Klang to Sime Darby Property for RM618mil.

Ireka Corp Bhd has been slapped with a RM97.91mil suit from a joint venture (JV) partner linked to obligations of a JV agreement for a development project.

KPS is buying the entire stake in computer numerical control machining company MDS Advance Sdn Bhd for RM85mil.

Ranhill Utilities has been awarded a RM50mil contract to perform detailed engineering design for the Kasawari carbon capture and storage project.

Tafi Industries Bhd has bagged a RM23.64mil contract to construct the Ministry of Health’s staff quarters in Labuan.

YLI Holdings Bhd is disposing of two parcels of freehold land in Penang for RM17.31mil in cash.

Overnight, the US market was mixed with the Dow and S&P falling on profit taking while the Nasdaq edged slightly higher as investors waited for employment data later today.

The Dow Jones Industrial Average dropped 194.76 points, or 0.56%, to close at 34,395.01. The S&P 500 closed down 0.09% to 4,076.57, while the Nasdaq Composite gained 0.13% to end at 11,482.45

Earlier, European stocks hit a six-month high after the Federal Reserve hinted at smaller rate hikes.

“Following the pullback in Wall Street, the FBM KLCI could remain sideways and hover around the psychological barrier of 1,500 points,” Apex said.

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