Trading ideas: Mesiniaga, Silver Ridge Holdings, SC Estate Builder
KUALA LUMPUR: While the market is likely to continue trending lower today, JF Apex Research identified a potential trading interest in Mesiniaga Bhd. fixed, Silver Ridge Holdings Bhd, SC Estate Builder Bhd, Sinmah capital Bhd and Genting Bhd.
Mesiniaga Bhd secured two contracts from Astro Malaysia Holdings Bhd‘s wholly owned subsidiary Measat Broadcast Network Systems Sdn Bhd, valued at at least RM 53.39 million.
Silver Ridge Holdings Bhd has received a contract worth RM 20.64 million from Telecom Malaysia.
SC Estate Builder Bhd will be on hold on Tuesday morning at the company’s request pending a material announcement.
Sinmah Capital Bhd has proposed a capital reduction which includes a reduction in the issued share capital by RM88 million.
Genting Bhd through its 24.98% partner Landmarks Bhd sells its Indonesian hospitality asset to Blumont for an estimated S $ 63.4 million (RM 195.1 million) for a 29.34% stake in Blumont.
The FBM KLCI fell 2.01 points to 1,522.47 points yesterday. After the lackluster performance, JF Apex expects the index to test support at 1,520 points.
That would match the sharp fall in US markets overnight as tech counters led the sell-off amid rising bond yields.
Before that, European stocks fell on concerns about inflation, rising interest rates and the US Federal Reserve’s tightening.