Trading ideas: Gagasan Nadi Cergas, IGB REIT, OpenSys, CIMB, AME Elite Consortium, TNB

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KUALA LUMPUR: Stocks to watch for on Thursday include Gagasan Nadi Cergas, IGB REIT, OpenSys, CIMB, AME Elite Consortium, Tenaga Nasional, according to JF Apex Research.

Gagasan Nadi Cergas Bhd has secured an RM189.8mil residential construction contract from Paramount Property Development Sdn Bhd.

IGB Real Estate Investment Trust saw its net property income (NPI) for the 2QFY22 jump 67.4% YoY to RM105.715mil.

Opensys (M) Bhd has secured approval from the Securities Commission Malaysia for the proposed transfer to Bursa Malaysia’s Main Market.

CIMB Group Holdings Bhd’s 92.5%-owned PT CIMB Niaga Tbk announced its unaudited consolidated net profit for 1H22, jumped 20.4% YoY to 2.57 trillion Indonesian rupiah (about RM763.68mil).

AME Elite Consortium Bhd has entered into an underwriting agreement with I REIT Managers Sdn Bhd, RHB Trustees Bhd and Hong Leong Investment Bank Bhd for the IPO of AME Real Estate Investment Trust (REIT).

Tenaga Nasional Bhd (TNB) had at 3.02pm fully restored electricity supply in areas across Peninsular Malaysia affected by a power outage since 12.39pm, due to damaged equipment in the main power intake substation in Yong Peng, Johor.

Meanwhile, JF Apex said the FBM KLCI could climb higher towards the resistance of 1,510 points following the overnight rally on Wall Street.

The US market rallied overnight after the Federal Reserve’s 75 basis points rate hike came within expectations and the Fed Chairman does not believe the US economy has entered a recession.

Similarly, European stocks advanced amid corporate earnings announcements.