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IJM Corp down as investors lock in gains (3336)
by hlk Wed 01 Aug 2012, 17:59
KUALA LUMPUR: Shares of IJM Corporation Bhd fell to its lowest since July 19 as investors took profit after the recent run-up in the share price and also the lack of fresh news.
At 3.32pm, it was down 12 sen to RM5.06. There were 1.75 million shares done.
The FBM KLCI rose 1.92 points to 1,633.52. Turnover was 955.65 million shares valued at RM1.07bil. There were 325 gainers, 366 losers and 316 counters unchanged.
The share price had surged to a high of RM5.25 on July 20. Kenanga Investment Research has Market Perform call on the stock.
Recent news reports were that Kumpulan Euro, in which IJM has a 22.72% stake, would ink the concession agreement (CA) for the RM7.1bil West Coast Expressway (WCE) within two months.
Tenders were expected to be called early next year and construction to begin in the second quarter. The construction period for the whole Banting to Taiping stretch will take five years but the first three years will cover the Selangor portion.
On June 27, IJM's unit, New Pantai Expressway Sdn Bhd (NPE) was notified by the Public Private Partnership Unit, Prime Minister's Department that the government had decided not to proceed with the proposed New Pantai elevated highway extension.
NPE had stated it intended to appeal for a reconsideration of the proposal with a revised alignment.
At 3.32pm, it was down 12 sen to RM5.06. There were 1.75 million shares done.
The FBM KLCI rose 1.92 points to 1,633.52. Turnover was 955.65 million shares valued at RM1.07bil. There were 325 gainers, 366 losers and 316 counters unchanged.
The share price had surged to a high of RM5.25 on July 20. Kenanga Investment Research has Market Perform call on the stock.
Recent news reports were that Kumpulan Euro, in which IJM has a 22.72% stake, would ink the concession agreement (CA) for the RM7.1bil West Coast Expressway (WCE) within two months.
Tenders were expected to be called early next year and construction to begin in the second quarter. The construction period for the whole Banting to Taiping stretch will take five years but the first three years will cover the Selangor portion.
On June 27, IJM's unit, New Pantai Expressway Sdn Bhd (NPE) was notified by the Public Private Partnership Unit, Prime Minister's Department that the government had decided not to proceed with the proposed New Pantai elevated highway extension.
NPE had stated it intended to appeal for a reconsideration of the proposal with a revised alignment.
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