Hot Stock MBSB rises 1.4% after HLIB said it is ripe for a technical rebound
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Hot Stock MBSB rises 1.4% after HLIB said it is ripe for a technical rebound
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[size=28]MBSB rises 1.4% after HLIB said it is ripe for a technical rebound
By Surin Murugiah / theedgemarkets.com | June 29, 2016 : 9:25 AM MYTKUALA LUMPUR (June 29): Malaysia Building Society Bhd (MBSB) rose 1.4% in early trade today after Hong Leong IB Research said MBSB is ripe for a technical rebound and said MBSB’s robust volume of 15.26 million shares yesterday and steep valuation of 0.64xP/B (68% below its nearest peer, RCECAP’s P/B of 2x and 34% discount against its historical 10-year trough of 0.98x) have priced in most of the negatives and provided sufficient margin of safety to cushion further sharp share price retracement.
At 9.05am, MBSB gained 1.4% 1 sen to 72.5 sen with 295,600 shares done.
In a trading idea note today, the research house said a decisive breakout above immediate resistance of 75.5 sen could take the next leg up towards 79.5 sen – 85 sen zones.
“Key supports are 68.5 sen- 70 sen. Cut loss at 66 sen,” it said.
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