Berjaya Auto rebounds 5.3% as foreign selldown stops

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KUALA LUMPUR (June 1): Berjaya Auto Bhd rose as much as 5.3% today, to a high of RM3.95 as the stock rebounded from a previous selldown of its shares.

According to analysts, retail investors and fund managers may have started to pick up shares in Berjaya Auto again, after the counter was affected by a previous selldown by foreign investors in the broader market.

“We noticed a dip in the foreign shareholding of Berjaya Auto. However, its fundamentals are still intact; local funds may have taken the opportunity to pick up the shares,” says an auto analyst.

As at 11.16am, the counter reduced gains by 1 sen to RM3.90, with 971,000 of its shares changing hands.  

Kenanga Research and AmResearch has a “buy” call on Berjaya Auto with target price of RM4.29 and RM3.70 respectively.