KUALA LUMPUR (Jan 16): Shares of CAN-ONE BHD [] and KIAN JOO CAN FACTORY BHD [] (KJCF)extended their rally on Monday as market talk of a general offer by Can-One for KJCF intensified.
At 3.08pm, Can-One was up 12 sen to RM2 with 12.07 million shares done while KJCF added eight sen to RM2.24 with 4.18 million units transacted.
However, the FBM KLCI fell 11.08 points to 1,511.99. Turnover was 873.85 million shares valued at RM678.80 million. There were 148 gainers, 554 losers and 244 stocks unchanged.
Expectations of a general offer by Can-One after it was given court approval to acquire the 32.9% block of KJCF had seen the stocks rallying.
However, analysts said Can-One would be in a better position to increase the market share once its take control of KJCF. However, they expected some profit taking after Can-One’s price surge.
They said Can-One was cheap currently based on the future business growth and investors should pick up the stock if there was a price correction.
As for KJCF, they said long-term investors should stay invested as the fundamentals remain robust.
At 3.08pm, Can-One was up 12 sen to RM2 with 12.07 million shares done while KJCF added eight sen to RM2.24 with 4.18 million units transacted.
However, the FBM KLCI fell 11.08 points to 1,511.99. Turnover was 873.85 million shares valued at RM678.80 million. There were 148 gainers, 554 losers and 244 stocks unchanged.
Expectations of a general offer by Can-One after it was given court approval to acquire the 32.9% block of KJCF had seen the stocks rallying.
However, analysts said Can-One would be in a better position to increase the market share once its take control of KJCF. However, they expected some profit taking after Can-One’s price surge.
They said Can-One was cheap currently based on the future business growth and investors should pick up the stock if there was a price correction.
As for KJCF, they said long-term investors should stay invested as the fundamentals remain robust.
