Trading ideas: PPB Group, UEM Edgenta, KKB Engineering and Petra Energy

KUALA LUMPUR: The FBM KLCI could be extending its rebound towards the resistance of 1,630 points following the positive development in Hong Kong.

JF Apex research said in its daily highlights report that the local benchmark index rose 8.37 points in the previous session to 1,599.89, and could be seeing extended momentum on Thursday.

Major markets had jumped overnight as tensions eased between Hong Kong protestors and the authorities.

On Wall Street, the Dow Jones jumped over 200 points with tech shares rallying. In Europe, stocks closed higher despite the Brexit chaos following Prime Minister Boris Johnson’s failure to push through a snap election after the Brexit delay bill was passed.

Back home, stocks on Bursa Malaysia that may be be seeing some price movement on Thursday include PPB Group, UEM Edgenta, KKB Engineering and Petra Energy.

JF Apex noted that PPB has confirmed it is not in talks with FGB Holdings Bhd following FGV’s announcement in July this year that it was exploring strategic alliances in the sugar refinery industry via subsidiary MSM Malaysia Holdings Bhd.

UEM Edgenta said it is banking on its healthcare support business to drive growth as the group is eyeing new tenders in Singapore amid the government’s move to re-cluster healthcare facilities.

KKB Engineering has won two contracts worth a total of RM29mil for the supply of pipes, fittings and steel products.

Petra Energy’s unit has bagged a hook-up, commissioning and topside major maintenance services contract from Petronas Carigali Sdn Bhd in Sabah and Sarawak.

Source: TheStar