0310 GMT [Dow Jones] Proton (5304.KU) down 4.6% at MYR4.18 on profit-taking from recent rally, says dealer; stock +40.9% month-to-date partly on confirmation it's restarted talks with Germany's Volkswagen (VOW.XE) for strategic tie-up. "Adding fuel to fire was a plethora of other M&A possibilities thrown up by the local media including a management buyout and the possibility of the company being taken private. These factors contributed to the surge in share price but the stock is overbought and no conclusive deal has been hammered out as yet by either a foreign party or any of the local players," says dealer. Proton's daily charts point to near term weakness with RSI hooking down and Stochastic poised for bearish crossover; stock may tumble further, to MYR4.0 (psychological support) in absence of fresh drivers.
Dow Jones Newswires
September 16, 2009 23:10 ET (03:10 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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