KUALA LUMPUR: Shares of Kian Joo Can Factory (KJCF) fell eight sen to RM2.30 in late afternoon rade on Thursday, April 21 on weakening technical outlook for its share price.
At 4.21pm, it was down eight sen to RM2.30 with 5.05 million shares done.
The FBM KLCI lost 2.43 points to 1,528.59. Turnover was 1.21 billion shares value at RM1.24 billion. There were 370 gainers, 375losers and 322 stocks unchanged.
CIMB Equities Research had a Sell on KJCF at RM2.38, at which it is trading at price-to-book value of 1.2 times.
It said KJCF had violated its support channel on Wednesday. If prices failed to bounce back above this trend line, there is a high possibility that the RM2.56 high would be its near term peak.
'The odds now favour the bears,' it said, adding indicators were showing signs of exhaustion. 'Only a rise above RM2.56 would warrant us to review our call,' it said.
At 4.21pm, it was down eight sen to RM2.30 with 5.05 million shares done.
The FBM KLCI lost 2.43 points to 1,528.59. Turnover was 1.21 billion shares value at RM1.24 billion. There were 370 gainers, 375losers and 322 stocks unchanged.
CIMB Equities Research had a Sell on KJCF at RM2.38, at which it is trading at price-to-book value of 1.2 times.
It said KJCF had violated its support channel on Wednesday. If prices failed to bounce back above this trend line, there is a high possibility that the RM2.56 high would be its near term peak.
'The odds now favour the bears,' it said, adding indicators were showing signs of exhaustion. 'Only a rise above RM2.56 would warrant us to review our call,' it said.
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