Trading ideas: Poh Kong, Kumpulan Jetson, Kelington, MTAG, MUI

KUALA LUMPUR: Poh Kong Holdings Bhd, KUMPULAN JETSON BHD, Kelington Group Bhd, MTAG Group Bhd and MALAYAN UNITED INDUSTRIES BHD (MUI) are among the stocks to watch on Wednesday, according to JF Apex Research.

Poh Kong’s 2QFY20 net profit jumped 58% year-on-year as an overall uptrend in gold prices improved its operating profits.

Kumpulan Jetson has been awarded RM78.93mil contract by Asia Pacific University Sdn Bhd for the construction of a private higher education institution.

Kelington Group said its wholly-owned subsidiary Kelington Engineering (S) Pte Ltd (KES) is claiming for total compensation of S$6.37mil (RM19.45mil) from its subcontractor Mutiara (FE) Pte Ltd, as back charges and liquidated damages, as well as scope deductions incurred to rectify defects and non-compliant works.

MTAG Group has called off its proposed acquisition of two plots of land in Plentong, Johor to build its new manufacturing plant.

MUI said its UK-listed retailer Laura Ashley Holdings plc has filed for administration, due to inability to secure third-party debt funding in a timely manner sufficient to support working capital requirements.

Meanwhile, US markets surged over 5% as the Trump administration is mulling a US$1 trillion fiscal stimulus package.

The Dow Jones Industrial Average closed 1,048.79 points higher, or 5.2%, at 21,237.31. The S&P 500 was up 6% at 2,529.19 while the Nasdaq Composite gained 6.2% to end the day at 7,334.78.

Earlier, European stocks advanced on hopes of fiscal stimulus from governments around the world.

“Following the positive performances in the US and Europe, the FBM KLCI could rebound towards the resistance of 1,280 points,” JF Apex said.

Source: TheStar