Wednesday, January 4, 2012

CIMB Research has technical buy on MPHB at RM2.74

KUALA LUMPUR (Jan 4): CIMB Equities Research has a technical buy on MULTI-PURPOSE HOLDINGS BHD [] (MPHB) at RM2.74 at which it is trading at a price-to-book value of 1.4 times.

It said on Wednesday MPHB broke out of its downtrend channel few weeks ago and prices have been consolidating sideways since then.

'Looking at the chart, we think the stock is ripe for a stronger rebound. A break above its 200-day SMA (now at RM2.78) would catalyse its share price performance,' it said.

CIMB Research said once this level is taken out, prices are likely to charge towards the RM2.87-RM2.94 gap and RM3.03. Only a break below RM2.63 would trigger its stop.

'Technical landscape is improving. MACD signal line remains in the positive territory while RSI has hooked upward,' it said.

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