Benalec- share price takes a knock due to in-fighting amongst shareholders?

Benalec's share price has been sliding for the past 5 months, from a high of RM1.59 in July to a low of RM1.00 today. The selldown could be triggered by a feud amongst its major shareholders, the Leaw brothers. According to a report in The Ant Daily, "the unexpected removal of the executive power of two executive directors of land reclamation specialist Benalec Holdings Bhd has led to uncertainties in the group's operations, arising from a possible family feud." For more, go here. As recently as end October, Affin has called a trading BUY on this stock, with a target price of RM1.98 (here).


Chart: Benalec's weekly chart as at Nov 21, 2012_11.00am (Source: quickcharts)

From the chart, we can see that the stock seems to be in a gradual downward channel. The immediate support would be the psychological level at RM1.00 and thereafter the lower boundary of the channel at RM0.94-0.95. At the RM0.95 mark, I think the stock could be a trading BUY for a possible technical rebound.

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of,Benalec.