Trading ideas: Handal, Rapid Synergy, Cypark, Solid Automotive, CMS, Hibiscus Petroleum and KKB

KUALA LUMPUR: Stocks to watch for on Monday include Handal, Rapid Synergy, Cypark, Solid Automotive, CMS, Hibiscus Petroleum and KKB, said Apex Research.

Handal Energy Bhd is planning to undertake a RM90 million capital reduction to eliminate its accumulated losses.

Rapid Synergy Bhd has disposed shares of a parcel of land in Manjung, Perak for RM22.89 million cash.

Chung Chee Yang has ceased to be the substantial shareholder in Cypark Resources Bhd after disposing 40 million shares or a 5.10% stake.

Solid Automotive Bhd has proposed to sell a 4.05-hectare parcel of land in Johor Bahru for RM48 million.

Norges Bank, which manages Norway's Government Pension Fund Global, has emerged as a substantial shareholder of Cahya Mata Sarawak Bhd after acquiring 50.05 million shares or a 5.03% stake.

Hibiscus Petroleum’s unit Anasuria to develop Marigold field in the Central North Sea.

KKB Engineering initiates arbitration against Shapadu to resolve dispute over hook-up, commissioning projects in Sarawak.

Meanwhile, the US stock market declined on Friday following jitters ahead of the Federal Reserve’s interest rate decision on 20th September.

Earlier, European stocks rose after the European Central Bank hinted its latest interest rate hike could be its last.

On the local market, the FBM KLCI surged 9.45 points or 0.65% to 1459.03 points.

"The FBM KLCI may continue to trade sideways and remain below the resistance level of 1,465 points, which has been a barrier for the index since July," said Apex.

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