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Hot Stock WZ Satu in red after rising 2% on multi-million road project
by Cals Thu 07 Aug 2014, 01:01
| Hot Stock WZ Satu in red after rising 2% on multi-million road project |
| Business & Markets 2014 |
| Written by Gho Chee Yuan of theedgemalaysia.com |
| Wednesday, 06 August 2014 14:59 KUALA LUMPUR (Aug 6): WZ Satu Bhd erased gains to fall into the red after rising as much as 2%. The stock had earlier gained on news that the builder had secured a RM30.02 million road construction job in the east coast. At 2.43pm, WZ Satu was traded at RM1.73 with 348,800 shares done. The stock had earlier gained as much as four sen to RM1.79 before settling at RM1.73 at 12.30pm. In a report today, Kenanga Investment Bank Bhd said the firm saw the immediate technical support and resistance levels for WZ Satu's share price at RM1.66 and RM1.76 respectively. Yesterday, WZ Satu told Bursa Malaysia it had secured a contract worth RM30.02 million for the construction of an interchange at the existing Federal Route 3 in Kuantan, Pahang. WZ Satu, which is also a steel product manufacturer, had secured the project through its wholly-owned subsidiary WZS KenKeong Sdn Bhd. WZ Satu received the letter of award from Laksana Amanbina Sdn Bhd to undertake the infrastructure project, which is expected to be completed within 15 months. Meanwhile, Kenanga also noted that WZ Satu shares were overbought. Bursa Malaysia's website showed that WZ Satu's share price had more than doubled in recent months. The stock's current price compares to about 75 sen in March this year. |
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