KUALA LUMPUR (Jan 19): Shares of BIMB HOLDINGS BHD [], which surged 22 sen on Wednesday, took a breather on Thursday as investors locked in their gains.
At 10.54am, BIMB was down five sen to RM2.19. There were 3.02 million shares done at prices ranging from RM2.17 to RM2.28.
Its call warrants shed one sen each, with BIMB-CC down to 16.5 sen (17.34 million units done) and BIMB-CB to 8.0 sen.
The FBM KLCI was up 1.01 points to 1,518.39. Turnover was 678.18 million shares valued at RM377.27 million. There were 275 gainers, 238 losers and 282 stocks unchanged.
A fund manager said BIMB should attract more trading interest as it was the only Syariah banking stock listed on Bursa Malaysia unlike the larger conventional banks.
Meanwhile, CIMB Equities Research said on Thursday, it had a technical buy on BIMB at RM2.24 at which it is trading at a price-to-book value of 1.3 times.
It said on Thursday that BIMB Holdings broke out of its consolidation triangle pattern on Wednesday.
“Looking at the chart, we think the stock is ripe for a stronger rebound. If we are right, the next upleg is going to lift prices towards RM2.34 and RM2.43,” it said.
CIMB Research said the technical landscape was improving.
Its technical analysis showed that the MACD histogram bars have returned to the black while RSI has also hooked upward. The 30-day SMA has also cut above its longer term 50-day SMA, which is another positive sign.
“Traders should wait for a slight pullback before jumping onto this buying bandwagon. Always put a stop at below RM2.08-RM2.03 to limit downside risk,” it said.
At 10.54am, BIMB was down five sen to RM2.19. There were 3.02 million shares done at prices ranging from RM2.17 to RM2.28.
Its call warrants shed one sen each, with BIMB-CC down to 16.5 sen (17.34 million units done) and BIMB-CB to 8.0 sen.
The FBM KLCI was up 1.01 points to 1,518.39. Turnover was 678.18 million shares valued at RM377.27 million. There were 275 gainers, 238 losers and 282 stocks unchanged.
A fund manager said BIMB should attract more trading interest as it was the only Syariah banking stock listed on Bursa Malaysia unlike the larger conventional banks.
Meanwhile, CIMB Equities Research said on Thursday, it had a technical buy on BIMB at RM2.24 at which it is trading at a price-to-book value of 1.3 times.
It said on Thursday that BIMB Holdings broke out of its consolidation triangle pattern on Wednesday.
“Looking at the chart, we think the stock is ripe for a stronger rebound. If we are right, the next upleg is going to lift prices towards RM2.34 and RM2.43,” it said.
CIMB Research said the technical landscape was improving.
Its technical analysis showed that the MACD histogram bars have returned to the black while RSI has also hooked upward. The 30-day SMA has also cut above its longer term 50-day SMA, which is another positive sign.
“Traders should wait for a slight pullback before jumping onto this buying bandwagon. Always put a stop at below RM2.08-RM2.03 to limit downside risk,” it said.
