Chart: FBMKLCI's 60-min chart as at Nov 10, 2011_9.20am (Source: Quickcharts)
Thursday, November 10, 2011
Market Outlook as at November 10, 2011
FBMKLCI is now resting on a potential 3rd fan-line of a 3-fan uptrend line. The support of the 3rd fan-line is at 1466. A break below this fan-line would signal the breakdown of the 3-fan uptrend line- a bearish development. If that were to happen, our current short-term uptrend would be over and the market is likely to trade sideway or even recommence its prior downtrend. Below the current support of 1466, the index may find support at the horizontal line of 1450.
Chart: FBMKLCI's 60-min chart as at Nov 10, 2011_9.20am (Source: Quickcharts)
Chart: FBMKLCI's 60-min chart as at Nov 10, 2011_9.20am (Source: Quickcharts)
Hi Alex
ReplyDeleteCan you comment on Maybank prospect? This biggest by capital seem trading at attractive level now, PE at 13.5x, give highest dividend yield among financial stock at 7.4%. Current level at 8.10 trade cum its final dividend of 32sen, which will come together dividend reinvestment plan that entitle 10% discount to market level.
Hi Hng,
ReplyDeleteMaybank is fairly attractive, trading at a PE of 13.6 times (based on current price of RM8.30 & last 4 quarter's EPS of 61.4 sen). Its dividend yield is also attractive at 7.2% (based on last 4 quarters' dividend of 60 sen).
However, the stock may have broken its long-term uptrend line. It is likely to trade sideway for a while. Immediate resistance would be at RM8.70-9.00. immediate support at RM8.00.
Thanks Alex
ReplyDeleteMaybank is expect to announce its Q1 result today, it could also declare its overdue final dividend of 32sen, give rise to immediate 3.9% return.
Maybank announce strong growth in Q1 result, record net increase of 18% EPS growth from 15.5sen to 17.2sen. Annualized EPS at 69sen, give rise to PE of just 12x based on current share price of RM 8.26
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