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Tuesday, June 06, 2017

FGV: CEO & CFO given leave of absence


FGV has just announced that the Group President/Chief Executive Officer and Group Chief Financial Officer of FGV have been given leave of absence commencing from 6 June 2017 pending investigations of certain transactions under Delima Oil Products Sdn Bhd, a subsidiary of FGV. For more (not very much more), go to Bursa announcement & The Edge report. 

Despite being an important stock for political reason, FGV is such a mess that it is not hard to see the stock swooning to lower price level before local institutions will step in to stabilize the share price. Let's hope it can hold at the immediate support from the line connecting the recent lows at RM1.55. If that support fails, it may go to the November 2016 low of RM1.40.1.41. 




Chart: FGV's weekly chart as at Jun 6, 2017_12.30 (Source: Malaysiastock.biz)

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