Trading ideas: Mudajaya, MRCB, GIIB, Vinvest Capital, Kawan Food

KUALA LUMPUR: Stocks to watch on Thursday include Mudajaya Group Bhd, Malaysian Resources Corp Bhd (MRCB), GIIB Holdings Bhd, Vinvest Capital Holdings Bhd and Kawan Food Bhd, according to Apex Securities.

Mudajaya via its wholly owned Mudajaya Corp Bhd bagged a contract worth RM195.1mil for works related to the East Coast Rail Link (ECRL) in Terengganu.

The government has approved the redevelopment of KL Sentral with an estimated cost of RM1bil to be borne by MRCB.

Bursa Securities has rejected GIIB’s proposed private placement.

Vinvest has initiated a civil action in the High Court over the alleged loss of its shares in EA Holdings Bhd.

Kawan Food said Ng Hooi Kai vacated his office as chief executive officer (CEO) yesterday.

Overnight, the U.S. market plunged overnight after Fitch downgraded the US long-term credit ratings. Similarly, European markets declined after the US credit rating downgrade.

The Dow Jones Industrial Average tumbled 348.16 points, or 0.98%, to finish at 35,282.52. Nasdaq shed 2.17% to end at 13,973.45, while the S&P 500 pulled back 1.38% to close at 4,513.39.

“Following the recent pullback, the FBM KLCI could take a breather and consolidate between the support of 1,410 points and the resistance of 1,460 points,” Apex said.

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