Trading ideas: SapuraKencana, PetChem, GAB


KUALA LUMPUR: JF Apex Research expects SapuraKencana Petroleum, Petronas Chemical and Guinness Anchor Bhd (GAB) to see trading interest on Thursday.

It said SapKen’s Norway-based Seadrill Ltd plans to sell up to 230 million shares at RM4.30 each.

As for PetChem, the group gets nod to make a RM1.5bil investment in an integrated aroma ingredients complex in Gebeng, Kuantan.

JF Apex Research added GAB has introduced the Japanese super premium Kirin Ichiban beer as its newest product.

Overnight on Wall Street, US stocks jumped and lifted the Nasdaq Composite into positive terrain for the year, after minutes from the Federal Reserve's last session offset concern about when the central bank would raise interest rates.

Similarly, European shares closed higher following a rebound led by the auto sector, after the heavy selling seen at the start of the week.

“On the local market, the benchmark FBM KLCI gained 3.44 points to 1,855.75. Asian stocks are seen rising on Thursday after minutes from the latest Federal Reserve meeting eased fears of an imminent interest rate hike but trade may be cautious ahead of key Chinese economic data.

“As such we expect the KLCI to be positive today as it tries to retest the resistance of 1,882 in the near term,” it added.

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