Highlights / Stock Picks of the Day BIMB Holdings Berhad ("BIMB")

On Tuesday, BIMB advanced 14 sen to RM3.28 after receiving BNM's approval in principle to start talks with Dubai Financial Group ("DFG") and Lembaga Tabung Haji to acquire DFG's equity interest in Bank Islam. Chart-wise, BIMB's share price has staged a volatility breakout and closed above the upper Bollinger Band on high volume. The  MACD has now crossed both the signal line and the zero line to indicate a shift of momentum from bearish to bullish while the Stochastics and RSI indicators are also both inching higher. Additionally, the share price had taken out a crucial resistance level (RM3.08) just a day earlier. The series
of upward moves this week paints a bullish picture  for BIMB and further gains are expected in the coming days.

Source: Kenanga