Trading ideas: O&G, Instacom, Mulpha, PUC Founder, Mudajaya
KUALA LUMPUR: JF Apex Research expects oil and gas counters (O&G), Instacom, Mulpha International, PUC Founder and Mudajaya to be among the counters which could see trading action on Monday.
It said Petronas announced that it will cut its capex spending by 15%-20% next year in view of lower crude oil price and this could impact the O&G companies.
Reuters reported US crude fell more than US$2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after OPEC decided not to cut production last week, keeping markets well supplied.
Both US crude and Brent have fallen for five straight months, oil's longest losing streak since the 2008 financial crisis.
US crude tumbled to near US$64, dragging Brent down below US$70, after Saudi Arabia's oil minister told fellow OPEC members last week that they must combat the US shale oil boom.
JF Apex Research said Instacom, RGB, Eduspec, Carlsberg, Mulpha International and PUC Founder posted better on-year net profits.
However, companies such as Mudajaya, Sentoria, Datasonic’s net profits fell on-year.
Last Friday, US stocks closed mixed amid a slide in oil prices following OPEC's announcement that it would not cut its output.
The Dow and S&P 500 posted a second straight month of gains and the 8th in 11 months this year. Both indexes barely held onto their 6th straight week of gains, their longest winning streak in a year.
At Bursa Malaysia, the FBM KLCI lost 9.02 points to 1,820.89.
“We expect the index to hover below the resistance of 1,835 points with a negative bias. Immediate support is seen at 1,800,” JF Apex Research said.
http://www.thestar.com.my
KUALA LUMPUR: JF Apex Research expects oil and gas counters (O&G), Instacom, Mulpha International, PUC Founder and Mudajaya to be among the counters which could see trading action on Monday.
It said Petronas announced that it will cut its capex spending by 15%-20% next year in view of lower crude oil price and this could impact the O&G companies.
Reuters reported US crude fell more than US$2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after OPEC decided not to cut production last week, keeping markets well supplied.
Both US crude and Brent have fallen for five straight months, oil's longest losing streak since the 2008 financial crisis.
US crude tumbled to near US$64, dragging Brent down below US$70, after Saudi Arabia's oil minister told fellow OPEC members last week that they must combat the US shale oil boom.
JF Apex Research said Instacom, RGB, Eduspec, Carlsberg, Mulpha International and PUC Founder posted better on-year net profits.
However, companies such as Mudajaya, Sentoria, Datasonic’s net profits fell on-year.
Last Friday, US stocks closed mixed amid a slide in oil prices following OPEC's announcement that it would not cut its output.
The Dow and S&P 500 posted a second straight month of gains and the 8th in 11 months this year. Both indexes barely held onto their 6th straight week of gains, their longest winning streak in a year.
At Bursa Malaysia, the FBM KLCI lost 9.02 points to 1,820.89.
“We expect the index to hover below the resistance of 1,835 points with a negative bias. Immediate support is seen at 1,800,” JF Apex Research said.
http://www.thestar.com.my
