Trading ideas: Bintulu Port, Puncak Niaga, SunREIT, Magnum, Berjaya Assets, Dayang, Formosa Prosonic and Plenitude

KUALA LUMPUR: Stocks to watch for on Friday include Bintulu Port, Puncak Niaga, SunREIT, Magnum, Berjaya Assets, Dayang, Formosa Prosonic and Plenitude, said Apex Research.

Bintulu Port Holdings Bhd has secured a one-year extension from the government to continue operating the Bintulu Port.

Puncak Niaga Holdings Bhd is disposing three parcels of leasehold land in Selangor for RM306.07 million cash.

Sunway Real Estate Investment Trust’s 2Q23 net property income increased by 8.7% to RM116.18 million.

Magnum Bhd’s 2Q23 net profit surged 65.29% to RM43.64 million.

Berjaya Assets Bhd (BAssets) narrowed its net losses to RM14.54 million in its 4QFY23.

Dayang Enterprise Holdings Bhd's Pan Malaysia contract with Hibiscus Oil and Gas Malaysia Ltd has been extended by another one year and five months until Dec 31, 2024.

Formosa Prosonic Industries Bhd’s 2Q23 net profit declined 19.04% to RM26.35 million.

Plenitude Bhd is buying its second hotel in South Korea for RM114.3 million.

Overnight, the US market declined or a third consecutive day after the Federal Reserve’s July meeting minutes noted that more interest rate hikes could come due to the stubborn inflation.

Earlier, European markets ended lower after the UK’s inflation and Euro zone’s 2Q GDP data.

On the local market, the FBM KLCI plunged 15.53 points or 1.06% to 1447.98 points.

"Following yesterday’s decline, the FBM KLCI could trend lower towards its support of 1,437 points," said Apex.

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