Trading ideas: Top Glove, MyEG, KPower, TH Plantations

Top Glove Corporation Bhd, My EG Services Bhd, Kumpulan Powernet Bhd and TH Plantations are among the stocks to watch on Thursday following their corporate news, TA Securities Research said.

Top Glove saw another record-breaking performance in 1QFY21 with its net profit surging over 20 times to RM2.38bil from RM111.43mil in Q1 2020.

It is expected to resume operations at all its 28 glove manufacturing plants in Meru, Klang, within the next 2 to 3 weeks, said chairman Tan Sri Dr Lim Wee Chai.

My EG plans to raise up to RM407mil via placement to fund the development of hostels for foreign workers under an ongoing project, develop healthcare-related services, and to buy fixed assets like kiosks for the online renewal of car and motorcycle road tax under its e-government concession business.

Kumpulan Powernet bagged a RM296mil contract for a mini-hydropower plant in Perak from Kangsar Hidro Sdn Bhd. It is optimistic of achieving its order book target of RM2bil by year-end.

AWC Bhd has secured a five-year hospital support services contract from the Health Ministry worth RM107.89mil.

Meanwhile, the government has decided to withdraw the approval of indirect property acquisition by Tamaco Plantation Sdn Bhd from TH Plantations on Dec 4, for further scrutiny and other factors.

Bursa Securities has queried Cymao Holdings Bhd on the sharp rise in its share price and volume recently.

Bukit Hitam Development Sdn Bhd's Bromelia Phase 1 has achieved a take-up rate of 90% since its launch on Dec 8. Bukit Hitam is the property division of Ayer Holdings Bhd.

Source : The Star

KLCI pares gains, remains subdued despite emergency unannounced

  The main index at Bursa Malaysia pared some of its loss, as sentiment somewhat remained subdued despite a proclamation of an emergency, which was bandied about last Friday, being averted.

FBM KLCI was down 7.70 points to 1,486.94. The index had earlier slipped to a low of 1,482.80.

.The United States has seen its highest ever number of new Covid-19 cases in the past two days, while France also set unwanted case records and Spain announced a state of emergency, it said.

CGS-CIMB Research said while the decision of Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah to reject the government’s request for emergency powers to fight the Covid-19 pandemic is a major relief for the market and could lead to reduced political noise in the near term, it is unlikely to alleviate foreign investor concerns.

The actively traded stocks included newly-listed Mr DIY Group (M) Bhd, Vsolar Group Bhd, Advance Synergy Bhd, Luster Industries Bhd, Mah Sing Group Bhd, XOX Bhd, Kanger International Bhd and Sapura Energy Bhd.

FBM KLCI was up 10.35 points to 1,499.91

 The FBM KLCI was up 10.35 points to 1,499.91 in line with other Asian markets that rallied on US President Donald Trump backpedalling on a decision to halt further stimulus talks.

Most heavyweights on the FBM KLCI advanced, led by Petronas Chemicals climbing 20 sen to RM5.90, IHH Healthcare adding 10 sen to RM4.99 and Maybank risig seven sen to RM7.17.

Rubber counters took a breather after its recent rally with Top Glove staying flat at RM8.80 and Hartalega dipping four sen to RM16.86.



In plantations Sime Darby Plantation, which experienced a selloff yesterday, bounced 11 sen higher to RM5. IOI also rebounded seven sen to RM4.34 while KL Kepong stayed flat at RM22.46.

Top active stocks were Trive flat at 1.5 sen, Kanger down 0.5 sen at 19 sen and Bintai Kinden up 2.5 sen to 70.5 sen. Asian markets meanwhile ticked higher on renewed hopes for more US stimulus.