UEM Land Makes Nice Recovery

Since I had blogged previously on UEM Land in the postings UEM Land Hit With Damac Group Withdrawal In Nusajaya Project and UEM Land Comes Tumbling Down!, I thought I make the following update with this news brief from Business Times.

Briefly, Damac Group withdrew from the Nusajaya project. Today, Khazanah has came out making a bold statement.

• No major issue in finding new buyer for Iskandar land: Azman
  
  KHAZANAH Nasional Bhd says it sees "no major issue" in finding new investments to replace the Dubai property developer which recently dropped a land purchase deal in Iskandar Malaysia.
  
  Damac Properties (Malaysia) Sdn Bhd, one of Dubai's largest private developers, recently said it would not pursue the plan to buy land in Nusajaya for RM396.5 million.
  
  "It's not a major issue. The Damac plot of land is a good site and there is interest shown for the site.
  
  "We are confident there will be replacement coming in," Khazanah's managing director Tan Sri Azman Mokhtar told reporters in Petaling Jaya yesterday.

Hmmm... what do you think?

RM396.5 million is not a small investment yes?

Business isn't too booming yes?

Anyway, how interesting that this interview was given yesterday afternoon. Yup, the stock had a nice recovery yesterday. :D

Here's the 5 minute chart, showing the NICE turnaround.

Oooo... this is not a stock recommendation. So I really have no idea if you can lose money trading this stock. :D