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Hot Stock Keck Seng turns top loser on profit taking after dividend news
by Cals Fri 25 Apr 2014, 02:09
| Hot Stock Keck Seng turns top loser on profit taking after dividend news |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Thursday, 24 April 2014 14:35 |
KUALA LUMPUR (April 24): Keck Seng (Malaysia) Bhd, which declared a single-tier final dividend of 6.5 sen per unit yesterday, fell sharply this morning to become the top loser on profit taking.
Dealers said the sell-off today was by investors who had bought the shares at lower prices ahead of the dividend news.
In the past two weeks, the stock had already risen from RM6.89 a share to a high of RM7.54 ahead of the dividend announcement, according to SJ Securities.
At noon break, Keck Seng fell 29 sen or 4% to RM7.13 per share after touching a low of RM7.00 earlier. Trades done were 256,200 shares.
“Yesterday, my client sold a lot of Keck Seng shares after accumulating them from below RM7 recently. He sold from RM7.36 to RM7.42. He cashed out before the dividend news. So, he had made substantial gains,” said a senior remisier.
“Technically, it is logical for Keck Seng to retrace after rising from RM6.89 to RM7.54. Also, the news of its dividend has already been filtered down,” said Goh Kay Choong, senior remiser at SJ Securities.
Last year, the plantation cum property group posted a net profit of RM148.8 million compared with RM82.7 million in 2012.
Net assets per share was RM5.55 at the end of last year.
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