KUALA LUMPUR: CIMB Equities Research said it is maintaining a Sell on WCT at RM2.54 at which it is trading at a FY12 price-to-earnings of 12.7 times and price-to-book value of 1.5 times.
It said on Monday, Sept 12 that it would likely to remain sellers for WCT as it sees no signs of a turnaround yet. The recent rebound has been weak.
'Its indicators are also looking weary despite falling from a high of RM3.18 in July. The MACD could be doing a rollover, which likely to indicate further selling ahead,' it said.
CIMB Research said traders should use any rebound towards the RM2.70-2.72 gap to sell into strength. Prices could potentially weaken towards RM2.35 next once the RM2.50 support gives way.
It said on Monday, Sept 12 that it would likely to remain sellers for WCT as it sees no signs of a turnaround yet. The recent rebound has been weak.
'Its indicators are also looking weary despite falling from a high of RM3.18 in July. The MACD could be doing a rollover, which likely to indicate further selling ahead,' it said.
CIMB Research said traders should use any rebound towards the RM2.70-2.72 gap to sell into strength. Prices could potentially weaken towards RM2.35 next once the RM2.50 support gives way.
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