Bursa Malaysia Stock Watch
Bursa slips on Kenanga Sell call
kltrader
Publish date: Wed, 07 Jul 2010, 12:42 PM
kltrader
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KUALA LUMPUR: Bursa Malaysia Bhd share price fell on Wednesday, July 7 after Kenanga Investment Bank Bhd Research maintained its sell rating on the stock and price target of RM6.90.
At 10.25am, Bursa shares shed three sen to RM6.92 with 35,700 shares traded.
Kenanga Research said its sell rating was mainly due to FBM30 was trading at rich valuation of 15 times forward PER, suggesting that the market had limited upside from here.
?As a result, we see market has little excitement to further boost Bursa ADT (average daily trading) from here.
?Upside potential for the ADT appears limited now and the noise levels from the external front have the capability to drag the turnover lower than here,? it said.
At 10.25am, Bursa shares shed three sen to RM6.92 with 35,700 shares traded.
Kenanga Research said its sell rating was mainly due to FBM30 was trading at rich valuation of 15 times forward PER, suggesting that the market had limited upside from here.
?As a result, we see market has little excitement to further boost Bursa ADT (average daily trading) from here.
?Upside potential for the ADT appears limited now and the noise levels from the external front have the capability to drag the turnover lower than here,? it said.
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