Trading ideas: Sunway Construction, Econframe, Binasat, Reservoir Link Energy, Ancom Nylex, KIP REIT and Astro

KUALA LUMPUR: Investors could be turning their sights on stocks with recent corporate news flow including Sunway Construction, Econframe, Binasat, Reservoir Link Energy, Ancom Nylex, KIP REIT and Astro, said Apex Research.

Sunway Construction Group Bhd (SunCon) has bagged a RM218.76 million contract to build a 50 MW photovoltaic plant in Kampar district in Perak.

Econframe Bhd plans to expand its operations into the business of aluminium glazing, glass products and facade systems by buying a 65% stake in Lee & Yong Aluminium Sdn Bhd for RM17.2 million.

Binasat Communications Bhd’s unit has won an RM18.36 million subcontract work to build a large scale solar photovoltaic facility in Selangor.

Reservoir Link Energy Bhd said its unit has secued an engineering, procurement, construction and commissioning (EPCC) project from Solarvest Holdings Bhd for an expected value of RM16.6 million.

Ancom Nylex Bhd posted a 70.23% YoY rise in net profit to RM20.56 million for 2QFY23.

KIP Real Estate Investment Trust’s (KIP REIT) net property income rose 5.35% YoY to RM15.15 million 2QFY23.

EPF has ceased to be Astro Malaysia Holdings Bhd's substantial shareholder as of Jan 12 after its stake fell to 4.98%.

Meanwhile, Apex said the FBM KLCI could take a breather and consolidate below the resistance of 1,500 points following the pullback in US markets.

The US market ended mixed overnight with the Dow and S&P falling while the Nasdaq rose as the corporate earnings season continues.

Meanwhile, European stocks ended slightly higher as the World Economic Forum kicks off in Switzerland.

Investors will be anticipating today’s US economic data release for PPI and retail sales.