KUALA LUMPUR (Nov 17): Muhibbah Engineering Bhd fell as much as 18% after the firm was not named as the builder for Petroliam Nasional Bhd's (Petronas) planned RM2.7 billion regasification facilities.
Muhibbah fell as much as 45 sen to RM2.11 before reducing losses. At about 3.45pm, the stock was traded at RM2.28.
Muhibbah was the most-active counter with some 38 million shares changing hands.
An oil and gas analyst told the theedgemarkets.com that the drop in Muhibbah's share price was due to "confusion" over the winning party for the regasification facilities contract given out by Petronas.
“It did not go to Muhibbah, but they did not mention that they were bidding to begin with.
“They are concentrating on other parts of Pengerang, Johor – the construction of refinery and petrochemical facilities instead,” he told theedgemarkets.com over the telephone.
According to the analyst, Muhibbah's share price drop might also be due to a “prominent” fund management company selling its stake across its O&G holdings.
“We view today’s 11% fall in Muhibbah’s share price as a buying opportunity. The stock now trades at an undemanding FY15-16 P/E of nine to 10 times. Muhibbah remains an Add and our preferred small/mid cap pick, with job wins as a catalyst,” it said.
Please go and check the transaction carefully, the big shark is keep buying at low price...... all in big volume..... for sure they are laughing at those dumping the share......
Posted by Ooi Teik Bee > Nov 17, 2014 10:29 PM | Report Abuse
OptimusM sharp rebound to happen soon. easily 20% upside
Ans : Take you to Holland. Wrong all the times still want to recommend stock. Never feel shame !! He is only good in Tanjong Rambutan stock market only.
Write a comment..Lolz...market no good..u expect it to rise?? Dream on.....high risk higher gain...decision not on ur hand.....big guy decide it..big drop regain bit then drop slowly....remember ying n yang r 1......no 1 participate...increase slowly with little vol....big anticipate....drop drastically...lolz..
wow, i was trapped..just bought at 2.3 , straight dropped to 2.28 then now 2.24...anyhow, i may consider to buy in more because the fundamental is good with 40mil profit as at june 2014..expected 80 mil if no adverse prevails...hold until next month sure grip the bonus !
1 mil house now ppl sell 500K... you don't wan buy? now muhibah mainly due to panic sales, and this few days is by margin call. after this it will back to fair price.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
orlandooil
4,909 posts
Posted by orlandooil > 2014-11-17 17:01 | Report Abuse
called 994.... nobody picked up the call