Naim rises 2.56% on renewed buying interest

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KUALA LUMPUR (Aug 19): Shares in Naim Holdings Bhd (Naim) rose 2.56% this morning following renewed buying interest in the stock.

At 9.21am, Naim added 2.5 sen to RM1 for a market capitalisation of RM513.79 million. The stock had earlier risen to a high of RM1.02.

AllianceDBS Research said Naim Holdings Bhd (Naim) had on Aug 16 crossed over 97.5 sen hurdle to reach an intraday high of 98 sen before settling at 97.5 sen (up 0.5 sen or 7.30%).

In its evening edition Aug 16, the research house said the crossover of the 97.5 sen hurdle would likely see Naim trading upward with the next upside target pegged at RM1.10.

It said risk taking traders can establish a buying position at 95 sen on a small pullback.

“Once a buying position is established, a stop loss at 93 sen level must be placed for risk capital protection, and this 93 sen is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM20 (excluding brokerage) for RM150 potential profit, you may acquire 1,000 shares with a capital amount of RM950 assuming buying order is filled at 95 sen,” it said.