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Monday, April 14, 2014

Trading ideas: MRCB, plantations, MyEG, Smartage, Eversendai

Published: Friday April 11, 2014 MYT 8:38:00 AM 
Updated: Friday April 11, 2014 MYT 8:40:25 AM

KUALA LUMPUR: JF Apex Research expects Malaysian Resources Corporation Bhd (MRCB), plantations, MyEG Services, Smatag and Eversendai are expected to see trading interest on Friday.

It said on MRCB had announced the sale of Platinum Sentral to Quill Capital Trust for RM750mil.

As for plantation counters, after the MPOB data showed that stocks in March rose nearly 2% to 1.7 million tones which was surprisingly higher than market expectation.

JF Apex Research said as for MyEG, as the Royal Malaysian Customs clarified that it has not selected the group to collect the Goods and Service Tax (GST) on behalf of the government.

Smartag was venturing to develop China International Halal Online Trade and Traceability Ecosystem. Eversendai was bidding for few landmark jobs in Middle East worth RM5il to RM6bil.

Overnight on Wall Street, US stocks were slammed on Thursday, with high-flying technology and biotech shares leading the declines that had the Nasdaq Composite posting its worst session in more than two years.

Similarly, European shares closed lower, having fluctuated for much of the day, as investors grew nervous ahead of the upcoming first quarter earnings season.

"On the local market, the FBM KLCI gained 3.77 points to 1859.52 points. Asian stocks are bracing for heavy losses on the final trading day of the week following a steep selloff on Wall Street overnight while investors await key Chinese economic data.

"As such, we expect the KLCI to be negative today after failing to beat the immediate resistance of 1,870," it said.

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