KUALA LUMPUR: CIMB Equities Research has a Sell on IOI Corp at RM5.28, at which it is'' trading at a FY12 price-to-earnings of 14.7 times and price-to-book value of 3.1 times.
The research house said on Friday, May 6 that IOI Corp's share price, after falling below the wedge support, prices have been moving sideways. Although the bulls tried to make a comeback, sellers at the key moving averages proved a tad too strong.
'We think there is still room to the downside. MACD is gyrating in negative territory while RSI is also below the 50pts mark.
'Use any rebound towards RM5.51-5.59 to sell into strength. The moving averages would likely keep the bulls at bay for now. A break below RM5.25 would indicate that the next downleg has begun,' it said.
The research house said on Friday, May 6 that IOI Corp's share price, after falling below the wedge support, prices have been moving sideways. Although the bulls tried to make a comeback, sellers at the key moving averages proved a tad too strong.
'We think there is still room to the downside. MACD is gyrating in negative territory while RSI is also below the 50pts mark.
'Use any rebound towards RM5.51-5.59 to sell into strength. The moving averages would likely keep the bulls at bay for now. A break below RM5.25 would indicate that the next downleg has begun,' it said.
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