Friday 29 Mar 2024
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KUALA LUMPUR (Nov 20): Shares in Palette Multimedia Bhd continued to fall as much as 8.22% this morning on weaker sentiment, due to recent negative news flow.

Last week, shares in Palette slipped after MyEG Services Bhd (MyEG) group managing director (MD) Wong Thean Soon said he had disposed of holdings in Palette and will refrain from making any passive investments in listed equities in the future.

“Although momentum is bearish, it is still not oversold yet. If there is no buying support, then it will go down to 28 sen,” TA Securities technical analyst Steven Soo told theedgemarkets.com, adding that the stock may fall as low as 20 sen.

At 11.11am, the stock was down three sen or 8.22% to 33.5 sen, with 8.58 million shares traded, for a market capitalisation of RM115.52 million.

Since 2008, the stock has been hovering below 10 sen. However, it was on an upward trajectory since Aug 24, 2017 and reached a 15-year high of 49 sen on Nov 10. At the current level, Palette’s share price has seen a one-year return of 346.67%.

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