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Hot Stock Acostec rises 21% on 20 sen dividend announcement

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Hot Stock Acostec rises 21% on 20 sen dividend announcement

Post by Cals Wed 09 Apr 2014, 01:51

Hot Stock Acostec rises 21% on 20 sen dividend announcement

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Tuesday, 08 April 2014 14:19

KUALA LUMPUR (Apr 8) Acostec Bhd shares rose 21% today following its announcement on Bursa that it is declaring 20 sen per share announcement.

At the mid-day break, the stock rose 15 sen to 86 sen per share with some 7.6 million shares traded. The share had reached a high of 88 sen in morning trades

The audio components manufacturer said yesterday in its announcement to Bursa that “The Company is declaring a Special Single Tier Dividend of 20 sen per ordinary share of 50 sen each for the financial year ending 31 December 2014.”

In a technical report today by RHB Retail Research, it was recommended that traders may buy the stock if it stays above 70 sen today.

“The price target is 80 sen if the 74 sen resistance is broken. However, note that the stock could trend sideways if it fails to stay above 70 sen, while further support is at 65 sen,” the report said.

A dealer with a major stockbroking firm told theedgemalaysia.com that the rise to the stock was due to the dividend announcement

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

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