Trading ideas: Aeon Credit, Alam Maritim, Asia Poly, GFM and Scientex

KUALA LUMPUR: Stocks that may see trading interest on Wednesday include Aeon Credit, Alam Maritim, ASIA POLY, GFM and Scientex, says JF Apex research.

The stocks in question made corporate announcements in the previous day, giving rise to potential market interest.

Aeon Credit said it is raising RM2 bil fresh capital through a sukuk programme to fund loan disbursements and refinancing any existing loans.

Alam Maritim bagged an RM6.58 mil for the provision of an anchor handling tug vessel from Petronas Carigali Sdn Bhd. Asia Poly’s indirect subsidiary Asia Poly Bio Gas Sdn Bhd inked a renewable energy power purchase agreement (REPPA) with Tenaga Nasional Bhd (TNB). Asia Poly is to sell and deliver renewable energy to TNB under the agreement.

GFM plans to widen its oil and gas services scope by acquiring a 49% stake in downstream O&G company Highbase Strategic Sdn Bhd (HSSB) for RM1, and acquiring up to RM20 mil worth of the company’s redeemable convertible preference shares (RCPS) — subject to a minimum cash subscription of RM15 million.

Scientex is to acquire 18 parcels of leasehold agriculture land in Kota Tinggi, Johor from FIAMMA HOLDINGS BHD. The land, which measures 85.73 acres and located less than 5km from Kota Tinggi and 25km from Johor Bahru, will be turned into mixed property development.

In the previous session, the FBM KLCI rose 7.6 points to 1,576.95.

According to JF Apex, the local index could remain flat below the resistance of 1,580 points on Wednesday owing to the mixed performances in the US and Europe overnight.

US markets had ended slightly higher with the S&P hitting a record high after the US and China agreed to phase one of the trade deal.

Meanwhile, European stocks declined following the risk of a hard Brexit after Boris Johnson won the UK election.

Source: TheStar