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NewsHot Stock Petronas Dagangan rises 2%, fund managers say share value emerging
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Hot Stock Petronas Dagangan rises 2%, fund managers say share value emerging
by Cals Wed 06 Aug 2014, 01:08
| Hot Stock Petronas Dagangan rises 2%, fund managers say share value emerging |
| Business & Markets 2014 |
| Written by Gho Chee Yuan of theedgemalaysia.com |
| Tuesday, 05 August 2014 12:42 KUALA LUMPUR (Aug 5): Petronas Dagangan Bhd rose 40 sen or 2% as investors bargain hunted the beaten-down shares of the national oil company's retail arm. At 12.30pm, Petronas Dagangan settled at RM20.24 with 636,600 shares done. The bourse's second-largest gainer had earlier climbed to a high of RM20.36. Fund managers said value was emerging in Petronas Dagangan shares, which had fallen 36% this year, underperforming the KLCI's 0.41% rise. “The value of the stock (Petronas Dagangan) is emerging after its sharp fall of 32% in the last week of July. “This is a technical rebound. Investors will buy back the oversold shares in the market to gain profits," a fund manager told theedgemalaysia.com over telephone. Bloomberg data showed that over the last six months, Petronas Dagangan shares had traded at an intraday low of RM18.26 last Thursday (July 31). This compares to a high of RM31 on February 5 this year. Petronas Dagangan shares had closed at its lowest at RM18.60 on last Thursday before rising to current levels. According to Reuters, Petronas Dagangan is scheduled to annnounce its second quarter financials between August 18 and 22 this year. |
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