In one of the earlier blog postings (read more), it was observed that Employee Provident Funds of Malaysia (EPF) has been offloading its position in Malaysia’s listed packaging company, Kian Joo Can Factory Berhad. Recently, we saw a reversal in its position, with recent acquisitions of Kian Joo shares by EPF in the month of December 2016. Could this possibly mean a wind of change?
As per recent Bursa announcements by Kian Joo (changes in substantial shareholding), EPF has been acquiring Kian Joo shares on the market, from 13 December 2016.
There was a spike in trading volume for Kian Joo on 13 December 2016, followed by gradual gains being recorded in Kian Joo’s share price.
If EPF continues to accumulate in Kian Joo as well as the share is able to break the RM2.87 resistance point, there could be a potential uptrend in Kian Joo’s share price in the near term.
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