Trading ideas: Spring Art, GDB, Pentamaster, VSTECSm SYF, EcoFirst
KUALA LUMPUR: Stocks to watch on Friday include Spring Art Holdings Bhd, GDB Holdings Bhd, Pentamaster Corp Bhd, VSTECS Bhd, SYF Resources Bhd and ECOFIRST CONSOLIDATED BHD, according to JF Apex Research.
Spring Art makes its listing debut today on the ACE Market of Bursa Malaysia.Under the listing exercise, Spring Art has raised RM24.42mil from its public issue of 97.69 million new shares at 25 sen per share.
GDB has bagged its first contract in East Malaysia to build the five-star Hyatt Centric hotel in Kota Kinabalu, Sabah, for a provisional contract value of RM213.3mil.
Pentamaster’s 3QFY19 net profit grew 25.56% year-on-year on higher revenue from the automated test equipment (ATE) operating segment.
Ranhill’s 3QFY19 net profit rose 7% year-on-year on higher contribution from its environment segment.
VSTECS’ 3QFY19 net profit grew 7.71% year-on-year thanks to higher sales, better gross profit, lower finance income and bigger share of profit in joint venture and associate.
SYF Resources is proposing to raise up to RM85.83mil via a renounceable rights issue with free warrants to fund its existing and future property development projects.
EcoFirst’s wholly-owned unit Pujian Development Sdn Bhd has received a sealed court order to pay a judgement sum of RM10.37mil in respect of the rescinded sale and purchase agreements involving 12 units.
Meanwhile, US stocks rose to record highs on Thursday after the world’s two largest economies reportedly agreed to remove existing trade tariffs, sparking a huge rotation into equities and out of bonds.
The Dow Jones Industrial Average climbed 182.24 points, or 0.7% to 27,674.80 while the S&P 500 rose 0.3% to 3,085.18.
Similarly, European shares traded higher, having touched a four-year high early in the session after China said the world’s two largest economies had agreed to cancel additional tariffs imposed in their months-long trade war.
“Following the overnight positive performances in the US and Europe, the local benchmark index could test its immediate resistance of 1,610 points on the back of trade optimism, ” JF Apex said.
Source: TheStar