Hot Stock Supermax rises 1.4% in technical rebound
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Hot Stock Supermax rises 1.4% in technical rebound
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[size=28]Supermax rises 1.4% in technical rebound
By [url=http://www.theedgemarkets.com/my/article/supermax-rises-14-technical-rebound?type=Latest News#][/url]Surin Murugiah / theedgemarkets.com | June 15, 2016 : 9:30 AM MYTKUALA LUMPUR (June 15): Supermax Corporation Bhd shares rose 1.4% in early trade today after Hong Leong IB Research said the stock was ripe for a technical rebound.
At 9.11am, Supermax rose 3 sen to RM2.18 with 443,700 shares done.
In a trading idea note today, the research house said Supermax’s strong volume of 9.6 million shares yesterday and steep valuations of 10.2x FY17 P/E (50% below its peers’ 21x) and 1.39x P/B (53% discounts against peers’ 2.9x) have priced in most of the negatives and provided sufficient margin of safety to cushion further sharp share price retracement.
“A decisive breakout above immediate resistance of RM2.24 could take the next leg up towards RM2.33-2.56 zones.
“Key supports are RM2.00-2.06. Cut loss at RM1.97,” it said.
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