Random Trading

Gamuda - Constructing new high!

Random Trading
Publish date: Sat, 23 Aug 2014, 11:28 PM
Too dumb to be an expert, too green to called a veteran and certainly not an insider. what's left..... RANDOM!

Disclaimer - I'm too dumb to be an expert thus all the contents of this blog are just my random thoughts and may be incomplete or contain any informational errors. It is certainly not recommendation to buy or sell. You'll be responsible for your own decision. Please consult your investment consultants before making any investment decision.

 

Chart : Gamuda daily chart as of Aug 22 2014 (source: ChartNexus)

 

Construction outfit Gamuda has seen it share price hits new high again to trade around RM 4.95 for last 2 days. After it broke its horizontal resistance line at RM 4.88, the counter seems ready to break another important hurdle of RM 5 round digit resistance. The recent announcement of land banking activity south of KL has augurs well with fellow analysts. The 1,530 acres land with a price tag of RM 12 psf is likely to be developed into a new township that will keeps the property division busy for years to come. For its construction division, the MMC-Gamuda KVMRT JV is set to receive a payout of over RM 4 billion for its role as project delivery partner for the ongoing Sg. Buloh - Kajang MRT project. The JV also will be front runner for the second MRT line (Sg. Buloh - Serdang - Putrajaya). In addition, Gamuda is also believe to be leading the pack for the 2 key components of Penang integrated transportation plan that cost over RM 5.5 billion. With all these excitement, I believe that the counter will break its RM 5 mark and continue to march forward for new high.
 
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