Trading ideas: REDtone, Muhibbah Engineering, Selangor Properties – Business News
KUALA LUMPUR: REDtone International Bhd , Muhibbah Engineering (M) Bhd and Selangor Properties Bhd are among the stocks to watch on Thursday following their latest news, according to JF Apex Research.
REDtone has been appointed by the Malaysian Communications and Multimedia Commission (MCMC) to provide 2G and 3G public cellular services in rural areas in Malaysia.
Muhibbah Engineering has bagged a construction contract worth RM70mil from Tenaga Nasional Bhd , specifically for the construction of a reinforced concrete jetty and platform to be used for the establishment of TNB’s 230kV Senibong Switching Station and 230kV Overhead Line from PMU Senibong to Senibong Switching Station in Johor Bahru.
Selangor Properties saw net profit in its fourth quarter ended Oct 31, 2017 fell 64.4% to RM20.44mil from RM57.4mil a year ago. However, its quarterly revenue expanded 28.7% to RM45.2mil, from RM35.1mil in the same quarter last year.
Meanwhile, US markets ended slightly higher amid gains in property and utility counters as well as declines in telecommunication and energy counters after oil price eased from a two-year high of US$60 per barrel.
European stocks closed mixed with the FTSE 100 hitting a record high amid low volume in the holiday season.
“Following the recent window dressing, the index is expected to remain buoyed and could challenge the resistance of 1,800 points,” JF Apex said.