Hot Stock Unisem tracks broad market weakness after rising on weaker ringgit

by **Cals** Tue 11 Aug 2015, 17:22

Hot Stock
Unisem tracks broad market weakness after rising on weaker ringgit

KUALA LUMPUR (Aug 11): Unisem (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) fell as much as 14 sen or 8% on bearish market sentiment and after analysts said the stock showed weaker technical indicators.
Semiconductor manufacturer Unisem (fundamental: 1.8; valuation: 1.2) fell to its lowest so far today at RM1.65. The stock had earlier risen to an intraday high of RM1.85 as the export-based company was deemed a beneficiary of a weaker ringgit versus the US dollar.
At 12.30pm, Unisem cut losses to settle at RM1.68. The current price gives the company a RM1.22 billion market capitalisation.
Some 16 milion shares were traded.
The FBM KLCI fell 13.83 points or 0.8% to settle at 1,654.37 while the ringgit weakened to a fresh level at 3.9700 against the US dollar.
Analysts have noted Unisem shares' weaker technical indicators. JF Apex Securities Bhd said Unisem had climbed from a low of RM1.165 in October 2014 to RM2.64 on May 20 2015.
Unisem share gains have led to profit taking and JF Apex said the stock was deemed oversold at current levels.
JF Apex said Unisem shares' immediate support was seen at RM1.73.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)