Prinsiptek extends gains, jumps 6.06% in active trade

KUALA LUMPUR (Nov 3): Prinsiptek Corporation Bhd shares jumped 6.06% in active trade this morning, extending their gains.

At 9.37am, Prinsiptek rose 1 sen to 17.5 sen with 5.52 million shares done.

AllianceDBS Research said Prinsiptek had on Nov 2 traded higher to 17 sen before settling at 16.5 sen (up 0.5 sen or 3.12%).

In its evening edition yesterday, the research house said a crossover of the 17.5 sen hurdle would likely see Prinsiptek trading upward with the next upside target pegged between 19 sen and 21 sen.

It said risk-taking traders can establish a buying position at 16 sen on a small pullback.

"Once a buying position is established, a stop loss at 15.5 sen level must be placed for risk capital protection, and this 15.5 sen is to be followed by a trailing stop loss strategy.

"If you are prepared to take a trading loss risk of RM5 (excluding brokerage) for RM30-RM50 potential profit, you may acquire 1,000 shares with a capital amount of RM160 assuming buying order is filled at 16 sen," it said. — theedgemarkets.com

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