Hot Stock Sarawak Cable rises 2% after being seen as proxy for Sarawak growth
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Hot Stock Sarawak Cable rises 2% after being seen as proxy for Sarawak growth
- Hot Stock
[size=28]Sarawak Cable rises 2% after being seen as proxy for Sarawak growth
By Surin Murugiah / theedgemarkets.com | April 28, 2016 : 10:03 AM MYTKUALA LUMPUR (April 28): Sarawak Cable Bhd (Scable) shares rose 2% this morning after Hong Leong IB Research said Scable was a proxy for Sarawak growth and that it was one of the HLIB construction picks with an institutional target price of RM2.49 (based on SOP), or 66% upside.
At 9.37, Scable rose 3 sen to RM1.53 with 200,700 shares done.
In a trading idea note today, the research house said it expects limited downside for the stock with key supports at RM1.41-1.46.
“A strong breakout above RM1.52 (200-d SMA) will prices higher towards RM1.55-1.66 before testing long term objective at RM1.73. Stop loss at RM1.40,” it said.
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