Tuesday, 14 February 2012

Naim Indah falls for third day as traders take profit

KUALA LUMPUR (Feb 14): Shares of NAIM INDAH CORPORATION BHD [], which was chased up last week, extended its decline for the third day on Tuesday as traders and investors were quick to take profit.

At 9.20am, it was down 5.5 sen to 50.5 sen with 17.97 million shares done. It had surged from only 9.0 sen on Feb 2.

The FBM KLCI rose 2.6 points to 1,565.42. Turnover was 255.65 million shares valued at RM114.39 million. Advancing stocks beat decliners 193 to 126 while 216 counters were unchanged.

On Monday, Naim Indah fell 11 sen to 56 sen with 196.26 million units done.

It had proposed to acquire 60% in Sagajuta (Sabah) Sdn Bhd for an indicative price of RM240 million from Generasi Cipta Sdn Bhd.

Businessman Datuk Raymond Chan, who bought into two companies – Naim Indah and HARVEST COURT INDUSTRIES BHD [] -- within four months, told The Edge Financial Daily he is a committed investor who intends to stay in the companies in which he had invested.

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