Trading ideas: CAB Cakaran, Parkson, Globaltech Formation

KUALA LUMPUR: CAB Cakaran Corp Bhd, Parkson Holdings Bhd and Globaltech Formation Bhd are among the stocks to watch on Monday, according to JF Apex Research.

CAB Cakaran announced that the Memorandum of Understanding that it signed with Panasonic Eco Solutions Malaysia Sdn Bhd related to the establishment of a solar farm in Kedah has been mutually terminated.

Parkson’s unit in Beijing, China, has signed a new lease agreement for an existing department store there until end-2021, about two and a half years from now until Dec 6, 2021.

Globaltech Formation said its Australia-listed subsidiary NuEnergy Gas Ltd had terminated its investment agreement with Saujana E&P Sdn Bhd.

Meanwhile, US markets rallied on Friday lower employment data sparked hopes for a rate cut.

Similarly, European stocks advanced after disappointing US jobs data suggests the Fed could reduce interest rate.

“Following the bullish performance in the US and Europe, the FBM KLCI could climb and retest its resistance of 1,660 points,” JF Apex said.

The research house said the technical indicators for FBM KLCI was mixed with the RSI hovering below the overbought zone while the MACD climbed above its signal line.

In February, the index failed to breach the 200-day moving average and then corrected downwards.

“Last month, the index breached the 50-day moving and tested the resistance of 1,660 points.

“After the recent surge, the FBM KLCI could take a breather and consolidate below the 100-day moving average and resistance of 1,660 points,” JF Apex said.

Source: TheStar