KUALA LUMPUR (June 25): Shares of Engtex Group Bhd rose in early trade today after the Edge Financial Daily, citing a source, reported today that a new supplementary water agreement is expected to be signed between the Selangor and federal governments today.

At 9.15am, Engtex rose 1.83% or 2 sen to RM1.11 with 666,500 shares done.

In a note today, Hong Leong IB Research said Engtex prices jumped 2.8% in heavy volume yesterday after theedgemarkets.com reported that a new supplementary water agreement is expected to be signed between the Selangor and federal governments in the near term.

“The downtrend breakout, positive divergence pattern and bullish indicators are likely to lift share prices higher towards RM1.14–RM1.20 levels, with long term objective at RM1.26.

“Supports are RM1.01–RM1.05. Cut loss at 99 sen,” said the research house.