Karambunai, Petaling Tin continue to be active

KUALA LUMPUR: Shares of KARAMBUNAI CORP BHD [] and PETALING TIN BHD [] continued to be actively traded on Wednesday, April 20 a day after the government announced the multi-billion ringgit Karambunai Integrated Resort City (KIRC) as a premier world-class ecotourism destination.

At 9.30am, Karambunai was the most actively traded with 36.1 million shares done. It was unchanged at 25.5 sen.

Meanwhile, Petaling Tin rose two sen to 50.5 sen with 7.56 million shares traded.

A consortium consisting of Prism Crystal Enterprises Ltd and Tan Sri Dr Chen Lip Keong & group of companies together with the landowner Karambunai and Petaling Tin will invest RM9.6 billion by 2020 to develop the resort city.

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CIMB Research has Buy on Petaling Tin

KUALA LUMPUR: CIMB Equities Research has a Buy on Petaling Tin as it had a good run on Tuesday, April 19.

In its technical share price outlook on Wednesday, April 20, it said the rally took out its 30-day and 50-day SMAs with rising volume, indicating that the bulls were strong here.

'Looking at the flow, we believe this uptrend still has legs. The following upside targets are 52 sen and 55.5 sen. Technical landscape is improving. MACD is poised for a positive crossover while RSI too has hooked upward.

'As long as prices stay above the 50-day SMA, we think the odds favour the bulls. However, we would prefer to buy during pullback, possibly near 43.5 sen to 40.5 sen,' it said.