Trading ideas: Malton, EcoFirst, Deleum, Hock Seng Lee, Kim Loong Resources and Kronologi Asia

KUALA LUMPUR: Malton, EcoFirst, Deleum, Hock Seng Lee, Kim Loong Resources and Kronologi Asia are stocks that are expected to see some investor interest in Friday trading, says JF Apex research.

Malton’s joint venture (JV) with Hong Kong-listed Nan Hai Corp Ltd has been selected to enter into the next phase of bidding to build a superstructure above the airport express train station located near the Taipei main train station in Taiwan.

EcoFirst is seeking to jointly develop a RM1.25 billion gross development value (GDV) mixed project in Paya Terubong, Penang with the Lone Pine Group.

Deleum has bagged a new contract from ExxonMobil Exploration and Production Malaysia Inc to provide slickline equipment and services for the latter.

Hock Seng Lee announced that its consortium has been awarded a substation works contract in Kuching, Sarawak worth RM90.99mil.

Kim Loong Resources’s net profit for its 3QFY19 fell 40.5% y-o-y, dragged by lower production and depressed palm oil prices.

Kronologi Asia plans to acquire IT infrastructure company Sandz Solutions (Singapore) Pte Ltd for RM75mil using a combination of cash and new share issuance, which will pave the way for the emergence of a new single, largest shareholder in the group.

On Wall Street overnight, the Dow Jones Industrial Average saw a dramatic reversal, ending 258 points or 1.14% higher after losing as much as 611 points in intra-day trading.

The S&P500 Index also turned positive, ending the day 0.9% higher while the Nasdaq Composite Index edged up 0.4%.

Over in European markets, the selloff continued with Germany’s DAX falling 2.4%.

The retreat in global equities also dampened sentiment for oil as the commodity further retraced the impressive gains seen over a day ago. US crude plummeted 3.5% to US$44.61 a barrel.

Source: TheStar