KUALA LUMPUR: CIMB Research has a Technical Sell on property player KSL Holdings at RM1.57 at which it is trading at a price-to-book value of 0.7 times.

The research house said on Friday, Sept 2 that after violating its support trend line, prices dipped to a low of RM1.46 before a technical rebound took place. This bounce, however, stopped near its 38.2% FR level and we think it has exhausted, it said.

CIMB Research said the technical landscape remains lethargic. MACD was still hovering in the deep negative territory while RSI was below the 30 points mark.

'Our strategy here is to unload on strength, especially near the RM1.60-RM1.70 resistances. On the downside, support is seen at RM1.46 and RM1.37. However a rise above RM1.75 would prompt us to review our call,' it said.