CIMB Research has Sell on TRC Synergy

KUALA LUMPUR: CIMB Equities Research has a Technical Sell on TRC Synergy at RM1.78 at which it is trading at price-to-book of 1.1 times.

It said on Friday, June 17 TRC violated the bearish wedge pattern on Thursday.

'We see this as a prelude to more downside ahead. If the 30-day and 50-day SMAs also give way, there is a good chance that prices may fill the RM1.70-1.62 gap soon. The following support levels are RM1.51 and RM1.43,' it said.

CIMB Research said the bearish divergence on its MACD suggests that follow through momentum has faded. RSI has also hooked downward.

'As the bears gain traction, we believe the best strategy here is to unload on strength. Near term gains are likely to be capped at RM1.81-1.87. Put a buy stop at RM1.90, just in case,' it said.

TRC up on Putrajaya housing contract

KUALA LUMPUR: TRC SYNERGY BHD []'s shares advanced on Thursday, April 21 after its unit unit Trans Resources Corporation Sdn Bhd secured a contract to undertake the CONSTRUCTION [] of two types of public housing at Precinct 8 (Phase 1), Putrajaya worth RM43.8 million.

At 9.05am. TRC was up seven sen to RM1.63 with 166,600 shares done.

TRC said the contract was scheduled to be completed within 20 months. The project involved the construction of 40 units of three-storey semi-detached and four two-and a half-storey semi detached public housing in Putrajaya.

Including this contract, TRC has an order book close to RM1.3 billion, which will keep the company busy for the next three years.

TRC had also submitted numerous tenders for the SCORE projects worth more than RM1 billion.

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