Trading ideas: Flexidynamic, MyEG, HeiTech Padu, Rexit, Destini, Perak Corp, UMediC

KUALA LUMPUR: Flexidynamic Holdings Bhd, MyEG Services Bhd, HeiTech Padu, Rexit Bhd, Destini Bhd, Perak Corp Bhd and UMediC Group Bhd are among the stocks to watch on Tuesday.

Flexidynamic has received a letter of award worth RM12.4mil from Usaha Pammek Sdn Bhd for the supply and installation of mechanical and electrical works for the water treatment plant and intake at Loji Rawatan Air Bukit Chupak, Jajahan Gua Musang, Kelantan.

MyEG has acquired a 14.4% stake in Heitech Padu Bhd for RM31.25mil via its unit MyEG Capital Sdn Bhd through the open market and direct business transactions.

HeiTech Padu announced that it has secured a contract extension worth RM13.11mil for the provision of maintenance services to the Malaysian Immigration System (MyIMMs).

Rexit announced a few changes to its boardroom, with the appointment of Datuk Seow Gim Shen as its new chief executive officer effective Monday, succeeding Datuk Chung Hon Cheong who stepped down on the same day.

Destini announced the resignation of former Dewan Rakyat speaker Tan Sri Azhar Azizan Harun as its independent and non-executive chairman, after a nine-month tenure at the helm, due to his personal commitments.

Perak Corp has signed a development agreement to move forward with a housing project that will help rescue the financially troubled state-owned real estate developer.

UMediC’s net profit for the second quarter ended Jan 31, 2024 (2QFY2024) fell 14.8% to RM2.48mil, from RM2.91mil a year earlier, due mainly to decrease orders for the marketing and distribution segments.

Overnight, the Dow Jones Industrial Average rose 0.12% to 38,769.66, the S&P 500 lost 0.11% to 5,117.94 and the Nasdaq Composite dropped 0.41%, to 16,019.27.

According to Apex Securities, the FBM KLCI is expected to maintain a sideways trend as investors await the release of US CPI data that could heavily influence the Federal Reserve's interest rate path.

It added that the lower liners may also see weakness on the back tepid trading sentiment.

Economic wise, all eyes will be focusing on Malaysia’s industrial production, US inflation and UK unemployment rate to be released this tonight.

Apex said the construction sector may continue to ride onto the government's plans to expedite numerous large-scale projects.

“Besides that, the firmer CPO prices that broke above RM4,100 per tonne mark may alleviate trading interest within the plantation sector. We also favour the logistics sector after the government widens the scope of service tax exemption for logistics business-to-business (B2B) transactions,” it said.

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