Selling pressure drags Genting stock lower

  • Business
  • Thursday, 10 Apr 2003

Support Line by K.M.Lee.


RENEWED selling pressure dragged this stock lower to close at its recent low of RM12.30 yesterday amid worries that the Severe Acute Respiratory Syndrome outbreak may badly affect tourist arrivals at its resorts. Though all the indicators remained bearish, this cash-rich gaming stock may attract some bargain hunting activity should the downtrend persist. Strong support is seen at RM11.50 while resistance is at RM13.50. 


THIS stock plunged to a 14-monthlow on Monday and is now consolidatingslightly above the supportline of RM7. Its moving averageconvergence/divergence is stilltrending sharply lower against thesignal-line to stay bearish, suggestingthat share prices willremain under pressure in theimmediate term and violation of thecurrent support will further pressureit to the next downside ofRM6.30 level. Resistance is anticipatedat RM7.40. 


PRICES retraced from an all-timehigh of RM10 to find support at theRM9 level. Its moving average convergence/divergence remainedbearish but the downward paceappeared to have slowed down andthe thin trading volume suggeststhat selling has eased. But if pricesfail to stay above this support line,fresh selling may emerge to knockit lower to the RM8.50 level. Theimmediate upside is capped atRM9.40. 

  • The comments above do not rep-resent a recommendation to buy orsell. 

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