KUALA LUMPUR: Shares JCY International extended its rally for the second day on Friday, Sept 3 after encouraging remarks from CIMB Research about the outlook for the shares of the hard-disk drive manufacturer.
At 11am, JCY was up 10 sen to RM1.15 with 22.86 million shares done while JCY-CB added 0.5 sen to 4.5 sen.
The FBM KLCI fell 8.13 points to 1,432.94. Turnover was 333.8 million shares valued at RM466.44 million.'' There were 238 gainers, 274 losers and 227 stocks unchanged.
JCY's share price rebounded on Thursday after CIMB Research said the recent selldown was unjustified and instead viewed this as an opportunity to accumulate the shares. The share price had been battered down and it fell to a fresh historic low on Wednesday.
CIMB Research continued to rate the stock an OUTPERFORM with an unchanged target price of RM1.88, still based on 12.0 times CY11 P/E.
'Potential catalysts for the stock include (1) turnaround of the hard disk drive sector, (2) more meaningful contributions from Hitachi and Samsung, and (3) positive news on its successful penetration into Toshiba,' it said.
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At 11am, JCY was up 10 sen to RM1.15 with 22.86 million shares done while JCY-CB added 0.5 sen to 4.5 sen.
The FBM KLCI fell 8.13 points to 1,432.94. Turnover was 333.8 million shares valued at RM466.44 million.'' There were 238 gainers, 274 losers and 227 stocks unchanged.
JCY's share price rebounded on Thursday after CIMB Research said the recent selldown was unjustified and instead viewed this as an opportunity to accumulate the shares. The share price had been battered down and it fell to a fresh historic low on Wednesday.
CIMB Research continued to rate the stock an OUTPERFORM with an unchanged target price of RM1.88, still based on 12.0 times CY11 P/E.
'Potential catalysts for the stock include (1) turnaround of the hard disk drive sector, (2) more meaningful contributions from Hitachi and Samsung, and (3) positive news on its successful penetration into Toshiba,' it said.
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