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Hot Stock Wong Engineering soars on speculation regarding 3rd party supplier.

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Hot Stock Wong Engineering soars on speculation regarding 3rd party supplier. Empty Hot Stock Wong Engineering soars on speculation regarding 3rd party supplier.

Post by Cals Sat 26 Apr 2014, 18:19

Hot Stock Wong Engineering soars on speculation regarding 3rd party supplier.
Business & Markets 2014
Written by Jonathan Gan of theedgemalaysia.com   
Friday, 25 April 2014 16:01

KUALA LUMPUR (Apr 25): Wong Engineering Corporation Bhd (Wong) shares were on the rise on Friday due to speculation regarding its negotiation with a third party on the supply of mechanical & industrial products according to a company source.
Shares of Wong Engineering rose to a high of 86 sen or 35.2% before giving up gains to settle at 84 sen per share at 3:51 pm. The counter saw significant volume trades of some 15 million shares.
The company source referred to a previous statement announced on 20 Sept last year.
“The Board of Directors of WEC is currently in negotiation with a third party on the supply of mechanical & industrial products. An announcement on the details of the supplier's agreement will be made immediately upon the final confirmation,” said the statement.
Kenanga Research had released a technical report today highlighting Wong as one of their stock picks of the day.
“Traders who are looking to buy into the stock should target to take profit at RM0.97, while placing a protective stop-loss at RM0.54,” recommended the report.
The report placed immediate resistance levels at 68 sen with subsequent targets at 79 sen and 86 sen.
Immediate support was placed at 57 sen with subsequent levels at 50 sen and 44 sen. 
Cals
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