KUALA LUMPUR: Shares Gagasan Nadi Cergas Bhd fell in early trade Thursday, as selling to lock in profits despite clinching a contract win of RM777mil.
The construction group, which had been on an uptrend, fell 4.76%, or 1.5 sen to 30 sen with 23.1 million shares traded.
Gagasan Nadi announced that it will lead the construction of 4,319 units of affordable homes under the Rumah Idaman programme by the Selangor state government worth RM777mil.
The project will entail the construction of the affordable homes on 36.6 acres of land across four sites in Shah Alam, Selangor, namely one site located in Seksyen U8 and the remaining three sites in Seksyen U17.
Group managing director Wan Azman Wan Kamal said the group is confident of not only delivering quality Rumah Idaman homes, but also raising the benchmark for affordable housing in Selangor.
Rakuten Trade said the counter staged a bullish breakout yesterday on the back of higher trading volume.
It said the news on their major contract win of RM777mil was likely to see renewed interest.
“Coupled with positive signals from MACD and key momentum indicators, we expect share price to continue its bullish run.
“From here, resistance levels are expected at RM0.35 (R1) and then to RM0.40 (R2). On the downside, support levels are identified at RM0.29 (S1) and RM0.27 (S2),” Rakuten said.