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Soon, a bout of apparent profit-taking selling brought the counter lower before it re-tested the resistance on July 13, failing which it resulted in a “double-top” pattern thus sending prices into correction mode.
AT end-June, Maxis completed a private placement of 300 million new shares or 4% of its total issued shares to institutional investors.
CAREPLUS Group shares were generally in consolidation mode since peaking temporarily at a near 14-month high of 44.5 sen on June 9. Although the stochastic and the 14-day relative strength index are showing a tentative ticking-up pictogram at the mid-range, the moving average convergence/divergence histogram is expanding negatively against the signal line to keep the sell call. On the back of a mixed landscape, the stock is likely to be trapped in extended correction.
KUALA LUMPUR: Bank Negara Malaysia’s (BNM) new policy that requires 75% of export proceeds received from yesterday onwards to be converted into ringgit has led to a fear of higher cost of doing business among the exporting community.