Luster falls 4.55% as selling pressure mounts

-A +A

KUALA LUMPUR (May 6): Shares of Luster Industries Bhd fell 4.55% in early trade today on selling pressure.

AllianceDBS Research had said Luster (Fundamental: 2.25; Valuation: 0.50) had on May 5 traded higher to 12 sen before closing at 11 sen (down 5 half or 4.34%).

In its evening edition yesterday, the research house said Luster continued to stay above the 20-day and 50-day moving average lines in the last 10 days.

“Following the down close on May 5, the stock was likely to move between 10 sen and 12 sen in the coming few days.

“A crossover of 12 sen should see a further price rise to the next overhead resistance zone of 13.5 sen – 14 sen. However, fall below 10 sen would put pressure on the stock down to the subsequent support zone of 8.5 sen – 9 sen,” it said.

The research said stock volume traded on May 5 was 60.9 million shares compared to the 3-month average volume of 10.1 million shares.

“Indicator wise, the MACD is above the 9-day moving average line,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for details on a company’s financial dashboard.)