Friday, 2 September 2016

The savior for SCABLE after hitting the 52 week low?

The Sarawak Cable Berhad share price hit its lowest on Tuesday, 30th August 2016. It is definitely not good for a listed company to be at its lowest price compared to the whole of last year. The SCABLE results for the first and second quarter can be deemed disappointing but at times business has its ups and downs. 

The good news and maybe the revival of the SCABLE share price was released yesterday by the Group Managing Director and Chief Executive Officer Aaron Toh Chee Ching has indicated that the power cable supply contract, which is estimated to be worth between RM80mil and RM100mil, could be signed this month. The full article from The Star newspapers can be accessed from here.

With the release of the potential contract signing yesterday, the SCABLE share rose by 2 cents to close at 1.25. Although the increase of the mere 2 cents would not mean too much but it does mean a lot for the SCABLE counter. I believe it is the revival of the confidence for the investors and the share price after dropping to its lowest after the Sarawak elections.

For all the investors of SCABLE, hopefully the good news and signing of the contract comes fast. It might be Friday and the market be sluggish a bit but hopefully with this piece of news, the investors will still be keen with this counter. Would you want to invest in this counter after the release of the news?

All the best and happy trading!