Kim Heng, formerly Kim Heng Offshore and Marine, mindful of having to transition out of oil and gas to save the Earth, had 100% of shareholders voting for a resolution to diversify into the renewable sector, including constructing components for wind farms, at an EGM. The EGM was held on April 23. On May 31, the share price surged to 6.5 cents overnight, from 3.8 cents in the previous session, on May 28, and this surge elicited a query on trading activity from the SGX. Since then, volume and trading continue to rise.

Prices ended at 7.8 cents on June 11, more than double the 3.8 cents the stock was trading at on Apr 23, on the day of the EGM. These moves have caused short term stochastics to surge to the top end of its range. Hence, in the near term, a temporary consolidation and/or retreat could materialise. Support is at 5.4 cents, a level where some congestion has occurred. The new normal for this stock is to trade at higher levels, and the next resistance is at 10.2 cents.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook