MMC Gamuda share price down after Friday gains

PETALING JAYA: Gamuda Bhd’s share price fell as much as 2.02% to RM2.42 this morning after making gains last Friday, on news of being reinstated as the contractor for the underground segment of the Mass Rapid Transit (MRT2) project with a cost reduction of RM3.6 billion.
At 10.48am, the stock was trading at RM2.45 with 17.03million shares done.
The stock opened at RM2.53, 2.42% higher than its reference price before falling to RM2.43 at 9.22pm.
Meanwhile, Gamuda’s project delivery partner, MMC Corp Bhd’s share price fell as much as 5.17% to RM1.10, at early trade.
At 10.48am, the stock was still trading at RM1.10 with 405,500 shares done.
On Friday, Gamuda's share price closed 6.4% higher at RM2.47, making it one of the most actively traded stocks of the day, while MMC Corp Bhd's share price was 3.6% higher at RM1.16
MMC-Gamuda was given the nod by the government for the MRT 2 Sungai Buloh-Serdang-Putrajaya Line project, after agreeing to a larger cost reduction of RM3.6 billion for the underground works.
The Finance Ministry said on Friday that MMC-Gamuda agreed with its suggestion to further increase the cost reductions of the underground works from RM2.13 billion to RM3.6 billion, after the two parties conducted final negotiations.