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Sentiment remain cautious

In line with most regional peers, the FBMKLCI skidded on profit taking activities for the third straight session and market sentiment may remain cautious ahead of the weekend. Despite ongoing profit taking, we opine the downside risk could be limited as some bargain hunting may start to take place ahead of the full blown reporting season next week. Meanwhile, the Brent crude oil price has loses its grip, pulling back from level above the USD65.
market pulse

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technical focus

Technical Focus – MESB

Primarily involved in the retailing and trading of quality leatherwear products and operates a few boutiques and over 270 consignment retail counters throughout premier departmental store in Malaysia. Consumer spending may accelerate following the roll-out of Covid-19 vaccine across the globe. Solid balance sheet with a net cash position of RM19.1m in 2QFY21, translating to net cash per share of 18.0 sen (c.35.2% of share price). Technically, price has rebounded to form a flag-formation breakout above RM0.55, targeting the next resistances at RM0.575-0.595, with long term target at RM0.63.

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