AWC falls on profit-taking after winning KL118 subcontract

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KUALA LUMPUR (Jan 12): Profit-taking in AWC Bhd thwarted some investors’ effort to push up the stock after the company won a RM61.95 million subcontract for plumbing works at the upcoming KL118 tower here.

AWC shares fell 0.5 sen or 1% to 44.5 sen at 11:19am with some eight  million shares traded. Earlier, the stock gained as much as one sen to 45.5 sen.
 
Yesterday, AWC shares added 2.5 sen to close at 45 sen when the firm announced that it secured the subcontract from Samsung C&T Corp UEM Construction JV Sdn Bhd. Permodalan Nasional Bhd is the owner of KL188 along Jalan Stadium here.

RHB Research Institute Sdn Bhd technical analyst Lim Sae Wai said in a report yesterday that the firm had an immediate target price of 43 sen for AWC shares followed by 48.5 sen.

"Buy on rally continuation above MYR0.415," Lim said.