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Hot Stock OCK soars 15% on potential MCMC telecommunication tower job
by Cals Wed 19 Mar 2014, 16:29
| Hot Stock OCK soars 15% on potential MCMC telecommunication tower job |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Wednesday, 19 March 2014 16:00 |
KUALA LUMPUR (Mar 19): OCK Group Bhd soared as much as 15% on news that the company was seen as the front runner for the Malaysian Communications and Multimedia Commission's (MCMC) telecommunication tower projects.
MCMC is soliciting bids to build telecommunication towers across under-served areas in Malaysia.
At 3:03pm, OCK rose 12 sen or 11.4% to RM1.17 with 5.8 million shares traded. The stock changed hands at RM1.14 at 3.46pm.
OCK had earlier risen as much as 16 sen or 15% to RM1.21.
News reports indicated that MCMC's proposed project involved the construction of 1,000 telecommunication towers in underserved areas.
A dealer told theedgemalaysia.com that OCK shares also rose on news that Lembaga Tabung Angkatan Tentera (LTAT) bought shares in the company.
“Investors followed in shortly after LTAT came in,” he said.
Kenanga Investment Bank Bhd wrote in a note today that OCK's share price's immediate support and resistance are seen at 91 sen and RM1.05 respectively.
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