Trading ideas: Press Metal, Caely, TNB, MBSB, IMB, Econframe, Tanco, Harn Len and Stella

KUALA LUMPUR: Stocks to watch on Tuesday include Press MetalCaely, TNB, MBSB, IMB, Econframe, Tanco, Harn Len and Stella, Apex Research said.

The Koon brothers of Press Metal Aluminum Holdings Bhd sold 123.59 million shares off-market, representing a 1.5% stake in the company, for RM605.59 million or RM4.90 per share.

Caely Holdings BhdThe new board of directors has announced plans to expand the lingerie maker’s business with a total investment of RM3.79 million in Indonesia by the first quarter of next year.

Tenaga National Bhd (TNB) has received a letter of intent (LOI) for the development of a 2,100 megawatt (MW) combined cycle power plant at Kapar.

Malaysia Building Society Bhd (MBSB) has filed an application with Bank Negara seeking approval for its acquisition of MIDF from PNB.

CIMB Thai Bank PCL, 94.83% owned by CIMB Group Holdings Bhdreported a 7.6% year-on-year decline in net profit for 3QFY22 to 695.97 million baht (RM85.98 million).

Econframe BhdNet profit jumped to RM2.97 million for 4QFY22.

Tanco Holdings Bhd plans to raise up to RM47.7 million via private placement for repayment of bank loans and investments in complementary businesses.

Harn Len Corp Bhd offered an eight-for-five free issue of up to 411.17 million shares.

Stella Holdings Bhd has received notice of an unconditional mandatory tender offer at 95 sen per share.

Meanwhile, the FBM KLCI is likely to extend its rebound past the 1,450 point resistance on the positive sentiment on Wall Street and Europe.

The US market rallied for a second day overnight after strong quarterly earnings.

Earlier, European stocks rose after the UK named Rishi Sunak as its new prime minister.