Wednesday, November 9, 2011

CIMB Research has technical sell on IJM at RM5.71

KUALA LUMPUR (Nov 9): CIMB Equities Research has a technical sell on IJM Corp Bhd at RM5.71 at which it is trading at a FY 12 price-to-earnings of 17.8 times and price-to-book value of 1.5 times.

It said on Wednesday that similar to Gamuda, IJM has also rebouned back towards its previous support turned resistance levels of RM5.65-RM6.00.

'We would not be surprised if prices reverse and head lower from here. Both indicators still look fairly positive, suggesting that the rebound has not ended. Here, we would be sellers at a higher level as the upward momentum is still rising,' it said.

CIMB Research saidselling near the RM5.90 to RM6.00 levels would be preferable. Closing beneath the RM5.48 would likely increase the odds that prices are headed towards RM5.00 and below.

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