<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 28): Kenanga Research said MUI Properties Bhd (MUI Prop) is a proxy to soaring gold prices (which has risen 7% the past week to US$1,940/oz currently, taking its year-to-date [YTD] gain to 28%).</p></div>

<div class=newsTextDataWrapInner><p>In a technical watch note today, the research house said the stock is a laggard play following the sharp share price run-ups in listed jewellers Poh Kong Holdings Bhd and Tomei Consolidated Bhd (up 36% and 52%, respectively).</p></div>

<div class=newsTextDataWrapInner><p>Kenanga said MUI Prop’s gold exposure is via its 40.7% stake in Nex Metals Explorations Ltd, a listed company in Australia which is involved in gold exploration.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>It said that on the chart, the stock has been in a range-bound phase after rebounding from a trough of 14.5 sen in March this year.</p></div>

<div class=newsTextDataWrapInner><p>“As buying interest returns (the stock was up 8% on strong volume to close at 19.5 sen yesterday), its share price may be on the verge of breaking out from a sideways trading pattern.</p></div>

<div class=newsTextDataWrapInner><p>“If so, then MUI Prop shares could be on the way to test our resistance thresholds of 24 sen (R1) and 28 sen (R2), which implies upside potentials of 23% and 44%, respectively.</p></div>

<div class=newsTextDataWrapInner><p>“Our stop loss level is pegged at 16 sen (or 18% downside risk),” it said.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


KUALA LUMPUR (July 28): Kenanga Research said MUI Properties Bhd (MUI Prop) is a proxy to soaring gold prices (which has risen 7% the past week to US$1,940/oz currently, taking its year-to-date [YTD] gain to 28%).

In a technical watch note today, the research house said the stock is a l...

MUI Properties a proxy to soaring gold prices, Kenanga Research says

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