Construction stocks, such as Gamuda and IJM, had a strong rally over the past 4-5 months. They too underwent correction in the past 2 weeks. It is good to see that their uptrend lines are still intact.
Chart 1: Gamuda daily chart as at May 15, 2019_10.45am (Source: Malaysiastock.biz)
Chart 2: IJM daily chart as at May 15, 2019_10.45am (Source: Malaysiastock.biz)
The same goes for building material stocks such as Annjoo and Tasek. Tasek reported another loss-making quarter for QE31/3/2019 (here).
Chart 3: Annjoo daily chart as at May 15, 2019_10.45am (Source: Malaysiastock.biz)
Chart 4: Tasek daily chart as at May 15, 2019_10.45am (Source: Malaysiastock.biz)
Despite weaker market sentiment, construction & building material stocks still gather buying support as the revival of ECRL and Bandar Maalysia will spur recovery for both sectors going forward.
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