Friday, October 29, 2010

#Update* MMHE surges to RM4.50

KUALA LUMPUR: Marine and Heavy Engineering Holdings Bhd (MMHE) made a strong debut on the Main Market of Bursa Malaysia on Friday, Oct 29 to open at RM4.12.

By 9.35am, it had surged to RM4.50, which was 70 sen above its institutional offer price of RM3.80. The retail price RM3.61. There were 63.5 million shares done.

The FBM KLCI was up 0.64 of a point to 1,500.08. Turnover was 180.54 million shares valued at RM383.09 million. There were 176 gainers, 143 losers and 207 stocks unchanged.

Analysts said the listing of MMHE would attract strong interest and prove the spark for the market which has been consolidating in recent days.

Affin Investment Research has a Buy and target price of RM4.50. It said MMHE is the best proxy to Malaysia's upstream O&G activities, given its exposure to the country's fabrication, deepwater engineering & CONSTRUCTION [] and marine conversion sectors.

No comments:

Post a Comment