Turnaround seen in construction stocks, says UOB Kay Hian Research
KUALA LUMPUR: Construction stocks could have reached an upward inflection point, judging from the sector’s mini rally last week which coincided with announcements relating to mega projects light rail transit three (LRT3) and the Tun Razak Exchange (TRX).
KUALA LUMPUR (Aug 17): Kejuruteraan Asastera Bhd (KAB) surged as much as 5.5 sen or 22% to 31 sen after the electrical and mechanical engineering specialist reported that second quarter net profit more than doubled to RM3.27 million from RM1.34 million a year earlier.
KAB said net profit for the first half ended June 30, 2018 (1HFY18) rose to RM5.62 million from RM3.23 million a year earlier.
At 10:24am today, the stock pared gains at 28.5 sen with some 21 million shares exchanging hands.
EXCLUSIVE: TWO companies from China have proposed to invest US$10bil (RM41bil) in Malaysia’s third national car project and build a regional automobile hub to cater for the region in southern Perak, according to official sources.
A federal judge on Friday threw out a lawsuit against Housing Secretary Ben Carson and his agency, dealing a blow to advocates challenging how the Department of Housing and Urban Development enforces fair housing laws.