I doubt 2.25 support will hold....afternoon session may be even worse because of contra selling later....

@sardin81 they may be able to recover fully but in the long term.....definitely not worth the risk for me....I will enter when there is a technical rebound but now is not the time

@Leo_NZ if you have holding power, you can still hold to wait for the eventual recovery. Ignoring the current situation, Gamuda is still the top infrastructure contractor in Malaysia, and has long-term fundamentals. However, in the near term, the stock price performance will not be good...this is all I can say....there may be short-term technical rebound but unless Tun M come out with new statement.....doubt Gamuda will recover quickly....renegotiation and re-tending will take at least 3 months.....

@straycats Exactly my point...Tony Pua's sarcastic and ominous tone shows you all that you need to know about the relationship with Gamuda moving forward....Gamuda has overplayed its hand against the government and being so dependent on government infrastructure sector...it has doomed itself

@thtgadgets12 you ask me what price the bottom is, I also don't know because it is not important. Nobody can buy at the lowest price anyway, if you manage to, it is because of luck not skill. What is important is the rebound, not the bottom....I will know there is a rebound when I can see the rebound, otherwise it is just a falling knife

@thtgadgets12 now is not the time, need to have clear signal of rebound first...now is still falling knife

When come afternoon session 4pm 430pm contra traders will be selling to close position....even worse

Those people buy 2.28 and 2.33 also losses....as I already mentioned, will continue to plunge to new lows

Guess the closing price today

Look at the selling trend, crash past 2.30 in an instant because nobody has confidence to buy....there is no bottom and no support to the falling knife, only speculators and gamblers here

That's why I said yesterday morning last chance to dispose....yet still got people like Victor Yong and Cindybull keep promoting the share...now look at the price, it will continue to drop this week

Nobody believe me...I already said will reach new lows since yesterday and this morning....look at the price now

Reached new lows as I predicted this morning....

London bridge is falling down, falling down, falling down....

@sardin81 2.33 maybe can get today but may be lower tomorrow

going red soon...hit 2.37 already

Don't forget T3 and T4 coming up for speculators and contra traders who bought into the falling knife....expect further plunge soon as the gamblers close their positions...

Just look at the sarcastic tone used...this is spokesperson for LGE and MOF for goodness sake:

Let me applaud you for putting up a great show since the Minister of Finance, Lim Guan Eng announced the Cabinet decision to

(i) accept the offer from MMC-Gamuda to reduce the cost of the MRT2 Above Ground works by RM5.2 billion to RM17.4 billion (23% reduction) in the form of a turnkey contract and

(ii) terminate the Underground contract as both parties could not reach an agreement on the required price reduction.

You have issued a letter proclaiming innocence, claiming that you were awaiting for an offer from the Ministry of Finance (MoF). You questioned the qualifications of the independent engineering consultant we have engaged. You implied that the decision to terminate was hasty and ill-conceived. You sought sympathy claiming the loss of jobs for no less than 20,000 people (wow!). Your social media actively promoted a campaign to “Save 20,000 Jobs” asking Malaysians to sign the petition. There are viral Whatsapp letters from first class honours engineers regretting support for Pakatan Harapan in the last general election.

The performance and mobilisation of the above campaign are nothing short of impressive. The question of cost of the project to the Government was conveniently ignored.

We had no intention of engaging with you in a public war of words. We tend to reserve that for our political opponents. And after all, we wanted to continue the good working relationship to complete the RM17.42 billion worth of Above Ground works.

However, the obvious brazen attempt to paint yourself an innocent victim to an unjust Harapan government required a response to set the facts right and record straight

Tony Pua is the man who helped to bring down 1MDB....who is Gamuda to fight against Tony Pua + LGE....especially now both are in charge of MOF

As I predicted, barely 10 min ago, 2.40 is already broken, no need to even wait for noon....will definitely reach new low with open letter....Gamuda really gone case going against both LGE and Tony Pua

Just look at the sarcastic and threatening tone of the open letter...LGE and co are very offended by Gamuda passive-aggressive social media tactics...one thing you should never do is play politics against your boss or customer...especially if they are 100x better at playing politics than you...think about it, the whole point that LGE and co. are putting the project at risk is to get big savings for the rakyat and headline news...now Gamuda try to rally the rakyat against LGE and co and make them seem like unreasonable people...so now Gamuda has become direct threat to LGE and co personal branding....it has now become personal and political fight on top of just pure economics....and in this fight to save face it is clear who is holding all the cards....who is Gamuda anyway if LGE and co. willing to cancel contract and re-tender to other companies

Yesterday I thought Tun said that willing to discuss over the issue during his speech....but now I see the open letter I think this time Gamuda really gone case already....they have overplayed their hand and using social media campaign to play politics against veteran politicians like LGE and co....very stupid thing to do....LGE and co will now show Gamuda who is boss....and now even Tony Pua is on board....

Yesterday I correctly predicted the price trend, still got many still want to promote Gamuda....today I predict again, 2.40 will not hold and price will plunge below that to new lows....just look at price and volume trend, noon sure in red

@sardin81 exactly, that is why Tony Pua wrote an open letter to Gamuda today to call them out for their arrogance...Gamuda came across as polite and conciliatory in their official statement but they are playing politics...now LGE and Tony Pua are not happy....they are hinting that even the relationship for the remaining overground (not only underground) has been affected...looks like Gamuda really messed up this time playing politics with LGE and Co.

Price will plunge further...RM 2.40 will not hold for long

Read the letter from our dear Tony Pua from MOF to Gamuda...LGE and co. are not happy
https://klse.i3investor.com/blogs/savemalaysia/177514.jsp

Price drop back again....twice already morning slight up then afternoon down some more

@Victor Yong of course they won't delay it, but even if they continue with Gamuda it will only be because Gamuda offered very good discount by slashing their own margin....right now LGE has all the negotiating power....that's why the rebound will take long time....of course if CCCC come approach LGE then even worse for Gamuda, might lose the entire contract

@sardin81 good luck haha, hope you don't become sardin because pengwin eat sardin

@titus If he has holding power, he can continue to hold, or listen to my warning earlier and cut loss at 2.45....but he continue to promote Gamuda hoping that other people will come and support the price....of course Gamuda will likely recover one day....but when is that day? definitely need to hold if believe in fundamental of the company but honestly quite difficult and not worth the wait....not worth the risk right now if not invested yet

@sardin81 LGE even go to jail before because he refuse to retract his statement....he will continue his stand and not afraid of Gamuda

New low achieved, 2.36

@Victor Yong, you just said it...50% from construction, and of that 50%, almost all from KVMRT. Which means if cancelled, 50% of stock value gone....

@sardin81, no guarantee that you will earn at 2.35 also....buy on rebound not on weakness, this is clearly speculative technical trade

There may be some technical rebound in the coming days but not worth the risk at all for those few cents.....for a real rebound back to RM 3 and above that will take time...must be prepared to hold but for now, the bottom is not in sight...there is no good outcome for Gamuda at all, it can either lose 20-30% of its contract revenue or lose 100% of it...it is a no-win scenario

Earlier many say will rebound la will fly la....I don't see the rebound at all....maybe one day in the future the price will recover but for that to happen Gamuda must first cling on to this KVMRT2 project at a discount and work hard to replenish the losses by getting other contracts....honestly very difficult in the current political climate

I predicted the closing price will be 2.40 and below....few believe me...now 2.38 also broken, as I said is fake support...there is no bottom here, it is a falling knife

That's why half an hour ago I said last chance to dispose....now 2.38 going, going, gone~~

If Gamuda give 30% discount means share price also 30% discount lo.....that's why likely to drop further....especially if you consider the future prospects moving forward, this means the government is very stingy with construction budget and can be very ruthless in cutting prices....

@stockraider because MMC is more diversified whereas Gamuda is the actual project delivery partner with all the costs in the game....the KVMRT2 represents 90% of its current construction order book with 10% being the also controversial Pan Borneo Highway....that's why whether it is a price discount of 20% or a complete loss...it is a no-win situation for Gamuda

Moment of truth approaching...will there be more short sellers buying at 430pm to close position or contra players selling at 430pm to reduce their margin...tug of war

sell rate is now approaching 50%....and it is still not yet 430pm

@titus lol XD good luck I guess....just pray it is 20% discount and not 90% construction order book loss

@huatahhuat Of course LGE will stand strong, he cannot back down from his surprise statement yesterday....if he back down now he will appear weak and flip-flop, he also cannot back down already....he will push through with what he say - now Gamuda will either have to renegotiate with big discounts or risk re-tendering, it is a no-win situation.....lose 25% discount or 90% of their construction order book if they lose the contract

Back then they are BN crony, and before that they are also involved in MRT1...of course can pay good dividend...now their margin have to slash, no guarantee they can even renegotiate or succesfully re-tender, how to pay dividend?? Their latest quarter also making losses before this fiasco, not earning money how to give out money

@Cindybull, your 12% dividend assumption is if Gamuda has strong order book and future revenue...if no order book or future revenue, how to give 12% dividend...I already said cannot base on past performance, before May 9 is BN, now is PH....how can be the same? Even if they hang on to this contract, it will be seriously re-negotiated with LGE and margins will be slashed significantly....they offered 20+% discount LGE still not happy

It is fake support to prop up the price, but it is clear that the selling pressure is too strong so they removed it, there is no real support to the price here.....it is a falling knife, next 'support' is intraday low of 2.37....but that is also another fake one, there is no real bottom here, it can go lower if people start to force sell at 4.30pm

Told you guys likely to close below 2.40...from the price and volume trend the support at 2.40 is a fake support from the big players

hahaha....I say will break, 2 min later it is broken, 3rd time correct

Later 2.40 might break