Trading ideas: MTAG, MISC, FGV, George Kent

KUALA LUMPUR: Some stocks in the spotlight on Wednesday include MTAG, MISC, FGV, George Kent, Kinsteel, London Biscuits, Pelangi and Sasbadi, says JF Apex research.

MTAG will make its listing debut today on the Main Market of Bursa Malaysia.

MISC will co-own two newbuild LNG vessels with Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha, mainly for the LNG Canada project. MISC’s interest in the total contract value is estimated at US$201.6mil;

FGV says it is unaware of a plan by tycoon Tan Sri Syed Mokhtar Al-Bukhary to buy a 20% stake in the plantation giant;

George Kent’s 2QFY20 net profit more than halved to RM11.05mil from RM24.58mil a year ago, on lower contributions from all segments;

PN17-listed Kinsteel is seeking to regularise its operations as a going concern and has proposed a 70% share capital reduction and a three-to-one share consolidation, and to raise up to RM46.6mil via the placement of new shares to selected placees, together with a rights issue to existing shareholders;

London Biscuits has been slapped with a lawsuit by Kuwait Finance House (Malaysia) Bhd for RM5.06mil in outstanding debt;

Pelangi and Sasbadi have won contracts worth a combined RM1.16mil from the Ministry of Education (MoE) to translate, print and supply chemistry and additional mathematics textbook under the dual language programme for Form 4 students.

Overnight, US markets were in the red following House Speaker Nancy Pelosi’s announcement of a formal impeachment inquiry into President Donald Trump for alleged abuse of power.

Meanwhile, European markets also drifted lower as the UK court ruled Prime Miniser Boris Johnson’s suspension of parliaent unlawful.

The local bourse could remain under pressure on Wednesday following the weak performances in the the US and Europe, said JF Apex.

The FBM KLCI slipped 0.6 points in the previous session to 1,592.33 points. Support is pegged to 1,590 points.

Source: TheStar