KNM may experience further technical rebound after successfully climbing above the MYR0.47 level. Traders may buy as a short-term bullish bias could be present above this level. The target price is set at MYR0.50, followed by MYR0.58. The stock may pull back and drift lower if it retraces back below the MYR0.47 level. Further support may then be found at MYR0.40, where a breach on closing could trigger a stop-loss.
Black hole ... black hole ... RUN before you got sucked in .... many other good counters for punters ... this counter is not for investors, not for punters ... only for sucker. RUN
Shareholders of KNM Group Bhd today aired their concerns on the company's operations going forward following the sharp drop on crude oil prices. In the four-hour long EGM, shareholders raised issues pertaining to declining crude oil prices, Petroliam Nasional Bhd (Petronas)-related contracts and the RM2.1bn Peterborough project in UK. KNM assured shareholders that the process equipment manufacturer is 'less impacted' by the declining crude oil prices as it is principally involved in onshore downstream activities.
The group also assured shareholders that its work package contract for the Pengerang Integrated Complex (PIC) project is secured despite Petronas' announcement it will cut 15% to 20% of its capital expenditure next year. (Financial Daily)
...WTI will drop next week, a separate Bloomberg survey shows. Fifteen of 35 analysts and traders, or 43%, forecast futures will fall through Dec 26, while 11 predict a gain in prices and nine said there will be little change.
Yesterday run-up was due to oil price rather than a big surge in Dow Jones. Ringgit and many other Asian currencies had weakened against the US$, what that means is that Emerging Market funds are being pulled back to the USA (the safest haven now), that's why Dow is making new record.
Malaysia is the most vulnerable amongst the Asian countries as we are a major oil producing country. RM will be most hurt in the next 6 months and Najib will really need to think twice whether to continue with RAPID or downscale it as 60-80% of the items are imported. If we continue, our current account deficit is likely to widen and will hit the RM even further. With a weakened RM, it just means the total cost for RAPID will increase by another 10-20% more, will that destroy the existing feasibility ?? Dr. M took drastic steps to impose capital control back in 1998 was to stem the slide of the RM. If Najib didn't see this, he risks ruining the country into another steeper depression.
Don't be fooled that a surge in Dow is good for KLCI, instead it is really a bad signal. The key to recovery in Bursa is indeed oil price. But sadly, Oil will continue to trade sideways with a downside risk, so the KLCI, so KNM for the next 3-6 months.
KNM will have a bigger risk if the Rights Issue fails to take off due to a subdued KLCI and its share price below 50sen par.
agni23, good speech. i think this time impact will not back to 1998. compared 1998 and now, msia has resever money in the bank. what mean gov can use this money to save the market, but then another question, how much and how long could this money save msia market.
however i agree not to touch KNM! gambling counter!
Tomorrow and Friday will see further onslaught as many T+4 force selling will appear due to the black hole that sucked in innocent and greedy investors last week.
chill ... you want ta ? 0.4 support bounced, price has been moving above 20d ma, sign of bull, not asking u to buy and hold for rm1, get out in between is enough. if i m not mistaken, epf still stuck up there :)
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
annmix
1,521 posts
Posted by annmix > 2014-12-20 05:17 | Report Abuse
Sorry stupid168, oil up 5% today... yr usd45 maybe hv to postpone a little longer