· AXIATA (Close Position). To recap, we issued a “Trading Buy” call on AXIATA on 26 August 2015, anticipating the share price to rally towards RM6.42 with the support of positive buying interests. However, the share price did not perform according to our expectations and is moving in the range of RM5.80-RM6.30. Both RSI and Stochastic are trending downwards, suggesting the lethargic buying momentum. Thus, we are closing position on AXIATA as we believe that the share price could continue to consolidate into the near-term.

· AMBANK (Take Profit @ RM4.59). Recall that we previously issued a trading buy call on AMBANK (28 August) after the share price reversed its losses to stage a rebound play. The share price has since rallied to its +2SD regression level before experiencing a sell-down post the FOMC meeting last week. In view that the technical picture has turned bearish underpinned by the rolling over of key indicators, we are taking this opportunity to lock in the miniscule profit of 0.6%. Meanwhile, we will relook into this blue chip counter should its technical picture turn more compelling in the future.

· MAYBANK (Take Profit @ RM8.52). MAYBANK’s share price has undergone volatile trading within RM8.18-RM9.15 since our trading buy call on 19 August, and the share price has failed to rally further despite garnering investors’ interest despite its attractive dividend yield. Besides, sentiment on the stock took a dive after it was sold down together with other financial counters post the recent FOMC meeting. Indicator-wise, key momentum indicators are portraying a generally uninspiring outlook due to flattish trends. This suggests that the stock could potentially consolidate further within RM8.18-RM8.51 in the near-term. Despite the last minute’s surge yesterday, the lack of trading volume has led us to lock in a small profit of 1.0% now in view of the overall lacklustre outlook while we will review our technical options if the outlook turns more exciting. 

Source: Kenanga Research - 23 Sep 2015