SCIENTX (Take Profit @ RM13.00). Recall that we previously issued a buy call on SCIENTX with a TP of RM13.00 (refer to report dated 18-March 2016), after the share price staged a technical breakout from its ‘Ascending Triangle’ chart pattern. The share price had since performed commendably by surpassing our TP with an intra-day high of RM13.10 yesterday. While the underlying technical picture still remains positive, we opt to take profit on the stock given that it has achieved our target objective within a shorter-than-expected time frame as well as being conservative on the gloomy market condition, locking a gain of 12.65%.

HIAPTEK (Not Rated). Yesterday, HIAPTEK rose 3.5 sen (13.0%) to close at RM0.305 on trading volume, which hit a two-year high. The share price broke above its 100-day SMA two weeks back (8th Mar) and this was followed by a “Golden Crossover” between the 20-day and 50-day SMAs a few days later. The share price subsequently consolidated sideways and has now broken out to signal further gains to come. From here, expect a move to retest the Nov-2015 high at RM0.33 (R1) before climbing further to RM0.35 (R2) next. A strong level of support should be present at RM0.275 (S1) and RM0.25 (S2). 

Source: Kenanga Research - 24 Mar 2016