CapitaMalls Asia and Capitaland: Daily versus Weekly.

The possibility of a positive divergence panning out for CapitaMalls Asia still exists. With a lower low in its share price, the MACD has stayed at a higher low. However, it seems to be having some difficulty making a positive crossover with the signal line.

I decided to look at the weekly chart and found that the MACD has just gone lower than the previous low. A lower low on the MACD in the weekly chart is a foregone conclusion. It scuttles the chances of a reversal without a positive divergence.

What am I concluding from this? In the short term, there could be support and possibly a rebound but in the longer term, continuing weakness would not surprise me. Any rebound off lows to retest resistance would be good opportunities to reduce exposure.

I recognise the technical signs and would act accordingly. Bearing in mind all the time that TA is about probabilities, I never fully divest. A partial divestment reduces exposure and would allow me to ride any unforeseen reversal to the upside as well.

What about Capitaland? I am going to be lazy here. See the daily and weekly charts below:

Do you see the similarities? No prizes for guessing what am I planning to do with my investment in Capitaland. Good luck to fellow shareholders.

Related post:
An elaboration on my methods.

Capitaland, CapitaMalls Asia and NOL.

This is going to be a quick blog post as I am feeling somewhat enervated this evening.

Capitaland is causing some people some concern. Is the price going to retreat further after touching a new low of $3.07? I believe questions like this are futile. Nobody knows the answer. TA is about probability after all.

However, we can say that chances of a rebound, if not a reversal, are higher now. With a lower low in price, the MACD spots a higher low. Yes, we have a positive divergence. However, it does not mean that price could not go lower, mind you.

In the event that the positive divergence delivers the goods, look to the declining 50d and 100d MAs for resistance, currently at $3.28 and $3.37 respectively.

CapitaMalls Asia saw volume increasing significantly today with its previous low at $1.57 tested, forming a  black candle in the process. It remains to be seen if $1.57 could hold up as support or, if a lower low were to form, whether the MACD could spot a higher low. Yes, looking out for a positive divergence.

Things look pretty dicey right now.

NOL is yet another counter which is spotting a positive divergence. Lower low in the share price but a higher low in the MACD. However, with such a persistent downtrend and with a narrow trading range, it could take a mammoth effort for share price to break resistance provided by the declining 50dMA in case of a reversal effort.

Let's see if the share price could open and close higher than $1.81 (today's high) in the next session. If successful, we could have a morning star setup, a three stick reversal pattern. That would be promising.

NOL completes US$1.1b loan agreements
Thursday, 02 June 2011

© 2011 - The Edge Singapore

STI, Golden Agriculture, Capitaland and CapitaMalls Asia.

The STI closed 58.06 points lower at 3,110.48. There is probably some pain and some panic in the air and we have the usual doomsayers out in force today. So, going by what I have said, am I a bull more than a bear? I am neither a bull nor a bear. I like to think that I am a pragmatist.

Most of my portfolio is made up of REITs. Today, we see AIMS AMP Capital Industrial REIT, Sabana REIT, Cache Logistics Trust, First REIT, LMIR, Suntec REIT and even Saizen REIT holding up rather nicely. So, I am not really affected by the sell off.

So, what did I do today?

1. Bought some Golden Agriculture shares at 68.5c a piece. You might remember that I said I sold all my shares in this company by mistake. I really want to keep some of its shares, believing in the longer term future of crude palm oil. The share price closed at 69c today.

I am not firing all my guns yet because we have to be wary of a potential head and shoulders formation. The neckline of this formation approximates 65c. If 65c were to be tested successfully on lower volume, we could add more aggressively to our long positions believing that, probably, the longer term uptrend is still intact. Of course, there is no way of knowing. So, I hedge by buying at supports. 66.5c support, if tested, would see me buying more. After all, buying at supports in an uptrend is conventional wisdom.

2. Although the trading volume of Capitaland increased today compared to the session before, it is still quite low if we compare it to 11 and 12 May which were black candle days too. Today, a black spinning top was formed and this is a reversal signal.  It needs confirmation, of course. Well, will price move lower? It could, of course. Keep an eye on $3.08, the previous low. It has to hold up in order for price to have a better chance of a near term rebound.

I bought more shares at $3.10 a piece today. This is a hedge as a retest of the previous low is a relatively safe entry as I am, after all, buying at supports. However, bearing in mind that supports can easily become resistance in a downtrend, the additional investment is a smallish one.

3. There is some similarity between CapitaMalls Asia's chart and Capitaland's. The volume is relatively lower compared to the volume back when the previous low was formed. I am also on the lookout for a possible positive divergence between the MACD and price.

I bought more shares at $1.60 a piece today as there seems to be a lot of fear in the air.

CapitaMalls Asia: Mixed signals.

CapitaMalls Asia's chart is technically mixed. What is clear is that it is in a long term downtrend and, going by the momentum oscillators, it is very much oversold. A rebound from oversold conditions could see price retesting the trendline resistance which started on 6 October 2010. $1.82, perhaps.

With price closing at $1.64 on relatively high volume in the last session, below the natural support of $1.68, it remains to be seen if it could retest the low of $1.57 touched on 15 March 2011. Watch out, therefore, for a potential double bottom formation.

We want to see volume drying up if price should go closer towards the low of 15 March 2011 in such an instance. A higher low on the MACD would be promising too. The time to buy more shares of CapitaMalls Asia could be near.

Related post:
CapitaMalls Asia: Quiet resilience.

CapitaMalls Asia: Quiet resilience.

In generally weak conditions, CapitaMalls Asia's share price has shown a quiet resilience. It closed at $1.70 in the last session, down by only 1c, after being sold down to as low as $1.67. Volume was relatively light. This is important if we compare the volume to that of 6 May 2011 when price reached a low of $1.65 which saw trading volume many times higher.

This tells me that sellers are less enthusiastic now and that, perhaps, all the ones who want to sell at the current prices have sold. The MACD is closing in on the signal line in negative territory. Could we see a positive crossover and a rebound in price soon?

The MFI and RSI are both in oversold territory while the RSI has formed a higher low. Going long at $1.68 could be a good idea. Immediate resistance is provided by a confluence of the 20d and 50dMA at $1.76.

A stronger resistance is at $1.82 which is where we find the declining 100dMA although we could see price going above it if past experience is anything to go by. A breakout on higher volume could just make that happen.

Related post:
CapitaMalls Asia: A reversal signal.

CapitaMalls Asia: A reversal signal.

When price touched a high of $2.05 per share on 9 Feb 2011 and declined to a low of $1.57 on 15 Mar 2011, the OBV declined rather sharply as well, suggesting heavy distribution.

However, as price declined from a high of $1.92 on 11 April 2011 to touch a low of $1.66 in the last session on 6 May 2011, the OBV declined much lesser and, in fact, the OBV is much higher compared to where it was on 9 Feb 2011. This, to me, suggests that some accumulation is happening and that smart money could have returned to the counter, quietly. In the last session, price closed at $1.69, forming a white spinning top, a reversal signal. It remains to be seen if the signal is a valid one.

All the momentum oscillators are suggesting that the counter is oversold. The MACD is declining in negative territory but we could see a rebound in price. In the event a rebound takes place, expect initial resistance at $1.75 and stronger resistance at $1.83 which is provided by the declining 100dMA.

Whether the 100dMA could be overcome is crucial in determining if the stock could move higher in price. That's for another blog post on another day, perhaps.

STI declines again: CapitaMalls Asia, Golden Agriculture and Sabana REIT.

I caught a hint of panic in the air today. It is not abject terror but a slight panic.

STI declines 1.3% to 3,113.76 at closing, lowest since 31 March 2011. Shares on the measure trade at an average 14.3 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg. The world’s biggest builder of oil exploration and production platforms declined as crude oil futures fell for a third day on concern demand will weaken as stockpiles rise in the U.S., the world’s biggest consumer of the commodity.
Wednesday, 04 May 2011

© 2011 - The Edge Singapore

Is this hint of panic a good opportunity to load up some stocks on the cheap? Well, I took the opportunity to load up on some:

CapitaMalls Asia: The last time I bought some shares in this company was at $1.80 per piece. Today, my overnight buy order at $1.70 was filled. I had another buy order at $1.68 which was not filled. Incidentally, $1.68 was the low of the day. What is next?

Looking at the daily chart, expecting a more bearish scenario could see the 150% Fibo line, which coincides with the lower limits of the MA envelope, providing stronger support at $1.64 next. We might even see the strongest of the 3 golden ratios tested on the downside. The 161.8% Fibo line approximates $1.62.

Golden Agriculture: Look at the daily chart and find the uptrend support originating from 28 October 2008. This is a very long term support and likely to be a very strong one.

It is approximating the lower limits of the MA envelope which is at 62.5c in the next session. With the support at 65c, which is where I bought more of the stock today, compromised on higher volume, we could see price weakening again in the next session. With the fundamentals strong and the longer term uptrend intact, I am buying more on weakness.

Sabana REIT: I bought more units of this REIT today at 93.5c/unit. For reasons unknown, the REIT was sold down heavily today.  Two transactions, each with more than 1 million units, sold down the REIT at 93.5c /unit. It is strange that the individuals or institutions responsible for these two transactions did not sell in the last three sessions when unit price touched a high of 95.5c but chose to sell at 2c lower today instead. This is especially puzzling as the units are still being transacted CD.

A DPU of 3.04c will go XD on 10 May, next Tuesday. Paying 93.5c/unit today is a good deal, I believe, representing a discount of 5.6% to NAV/unit and a relatively secure distribution yield of 9.4%. Until next Monday, I am accumulating on any further weakness.

CapitaMalls Asia: At support.

CapitaMalls Asia retreated 5c or 2.7% today, closing at $1.79 after touching a low of $1.78. Question on the minds of many people would be whether it would go lower? Who knows for sure? Looking at the daily chart, it is clear that $1.78 is an important support defined by the 50dMA as well as the 61.8% Fibo fan line.

Looking at the ADX, the suggestion is that there is no trend per se. In such a situation, look to the Stochastics and we see that it is gently declining but it is not oversold. Look then to the OBV and it does not show any distribution. In fact, since 15 March, the picture is more of accumulation than distribution. The volume today was not very heavy although a black candle was formed. 

If we believe that CapitaMalls Asia has gone into a range as suggested by the horizontal orientation of the Bollinger bands, then, buying at the lower end of the range would make sense if it should happen at all. That is at $1.72. Keep an eye on $1.78. If it does not break, we could see price going higher and breaking the longer term trendline resistance eventually.

Why am I sanguine about the situation? If we look at the weekly chart, since the week of 14 March, in weeks when white candles were formed, trading volume was higher than in weeks when black candles or dojis were formed. This is encouraging for the bulls. The pull back is possibly a chance for accumulation.

CapitaMalls Asia and NOL: Increased exposure.

The STI retreated 19.01 points today to close at 3,125.37. Volume was rather low with only 1,075,913,210 shares worth a total of S$1,329,106,068 changing hands. Low volume on a down day is good news for bulls as it suggests a lack of conviction on the part of sellers. Today, I increased exposure to CapitaMalls Asia and NOL.

CapitaMalls Asia's trading volume reached its highest in 5 days and my buy queue at $1.80 was filled as price touched a low of $1.79. In my last blog post on this stock, I said I would accumulate on weakness but only on further weakness and not $1.83. $1.80 would be a hedge while I would accumulate further if price were to test $1.76.

Could $1.76 be tested in the next couple of days? Possibly since that would be also be a test of the 61.8% Fibo fan line. Momentum oscillators are all declining and could be testing 50% soon for support. Downside could be pretty limited from here. This counter has a compelling story to tell and the dual listing exercise once underway could provide it with some strong upward momentum. In the meantime, the descending 100dMA provides resistance and I could do a contra if price were to go that high in the next two days.

Earlier on, I had thought of NOL as forming a mild uptrending channel. That picture is now changed as a new low was formed today at $1.88. I bought more at $1.89 or 1 bid lower than the support of the range which I have identified as between $1.90 and $2.01. I like how a white spinning top was formed as price declined on reduced volume compared to the session before.

I also like how the MACD has a higher low even as price formed a lower low. Momentum is still encouraging and coupled with the white spinning top, we could have a rebound as the Stochastics seem to have declined into oversold territory too quickly. A retest of the 20dMA at $1.96? Perhaps so and that would be a nice price for a contra.

Related posts:
CapitaMalls Asia: Accumulate on further weakness.
NOL: Going higher?

CapitaMalls Asia: Accumulate on further weakness.

CapitaMalls Asia has a strong resistance at $1.88. That is quite obvious. This resistance level was breached in many recent sessions although price did not close any higher. If the counter's share price were to move to retest this resistance level again, it could very well give way to higher prices. In the meantime, a pull back is underway.

Today, only 123 lots out of a 3,434 lots changed hands at $1.83. This is the immediate support identified before. The next support level is at $1.80, which was a weak resistance which gave way on 5 April. This weak resistance could be a stronger support as it is where we find the golden cross formed by the rising 20dMA and the flat 50dMA. If this should break, I see support at $1.76 which is suggested by candlesticks and the approximate position of the 61.8% Fibo fan line.

What am I going to do? Well, seeing how the pull back is on rather low volume, I am inclined to accumulate on weakness. However, seeing the momentum oscillators still bordering on overbought, it would not be wrong to wait for further weakness before accumulating. So, a buy queue at $1.80 as a hedge and another buy queue at $1.76? Perhaps.

Related post:
CapitaMalls Asia: Waiting for a correction.

CapitaMalls Asia: Waiting for a correction.

Quite a few people I know have fully divested their investments in CapitaMalls Asia. They did this as the counter tested resistance at $1.88 many times recently. Looking at the daily chart, it is obvious that $1.88 is a strong barrier to further upward movement in price. So? Sell at $1.88 or, if we are lucky, higher on whipsaws, and wait for price to pull back before buying in again? If only life were that simple and if only Mr. Market were that cooperative.

Personally, I am also waiting for price to weaken to supports at $1.83 and $1.80 before increasing my exposure to this counter. Look at the MFI and RSI and we see them bordering on overbought. However, remember that in very bullish conditions, things could stay overbought for quite a while. So, being overbought doesn't mean much and it does not mean that we would see a correction in price.

Look at the ADX and we see that it is rising. It is rising as the +DI has the advantage. So? Buy on any pull back to supports. That's conventional wisdom in an uptrend. That is what I would like to do.

Now, what could go wrong? Remember what Guppy said before? We could either have a correction in price or a correction using time. In the latter case, price could simply move sideways until the rising 20dMA catches up with it before going higher.

See where the 20dMA is now? It is rising strongly and seems on track to form a golden cross with the 50dMA soon. This is a bullish sign, if a short term one. If price is indeed doing a correction using time, all of us waiting to accumulate at $1.83 and $1.80 would be very disappointed.

Personally, I am still vested and will not add to my position at current levels. If price should go higher, I see the next significant resistance at $2.00. If price were to weaken to supports, I would accumulate.

CapitaMalls Asia signs MOU with Japan’s Parco
Wednesday, 13 April 2011

© 2011 - The Edge Singapore

CapitaMalls Asia: Pulling back to supports.

If we draw a trendline connecting the high of 6 Oct 2010 and 9 Feb 2011, we will get a trendline resistance which, more or less, was what limited the upside yesterday at $1.92. A doji formed yesterday suggesting indecision and a possible reversal. We have confirmation today as price closed lower at $1.85.

Immediate support is found at $1.83. Not only is this where the trendline support is approximating, it is also where we find many times tested resistance and supports in the candlesticks. If $1.83 were to give way, next supports are at $1.80 (50dMA) and $1.76 (rising 20dMA).

What would I do? I like what I see in the ADX. The +DI has the advantage and the ADX is rising. This could be an early uptrend forming. MACD is still rising in positive territory. Volume in the last two sessions were not very high as price experienced weakness. A correction at this stage to shake out some of the weaker holders is healthy so that the counter could form a firmer base for any further upward movement in price. Price has to climb a wall of worries and buying at supports in an uptrend is what I would do.

The overbought condition as seen in the MFI and RSI would have to be corrected and a meaningful pull back is more likely to happen than not. I will accumulate on weakness.

Related post:
CapitaMalls Asia: Strong uptrend emerging.

CapitaMalls Asia: $2.17 target price?

I remember that someone told me that DBS Vickers had a target price of $2.51 for CapitaMalls Asia and wondered why the share price of this company has been so weak. Well, valuation is a subjective exercise.

For example, OCBC Investment Research published a report with a target price of $2.17 for CapitaMalls Asia on 7 April 2011. Yes, this was just a few days ago. Does it mean that the share price is going to hit $2.17 in the next few days? It could happen, of course, but I won't bet my bottom dollar on it.

Having said this, it is always good to see what others have to say and OCBC Investment Research did raise some good points:

For CMA, China is the key growth market. CMA has three key operational advantages in China: Firstly, it has the ability to leverage on its extensive tenant network. Second, it has demonstrated diligence and success in using asset enhancement initiatives (AEIs) to grow its net property income (NPI). Thirdly, there would be a trend of decreasing dependence on anchor tenants as malls mature and this would further boost NPI.

CMA’s business model in China is a resilient one due to its focus on mid-high income segment instead of the volatile high growth-high margin luxury segment. While its downside is sheltered, CMA is poised to benefit from the expected steady growth in China’s retail consumption and middle class population.

Read full report here.

Related post:
CapitaMalls Asia: Strong uptrend emerging.

CapitaMalls Asia: Strong uptrend emerging.

Despite strong buy calls from research houses, this counter's share price suffered from a prolonged period of weakness. However, recently, a strong uptrend seemed to be emerging for this counter. Refer to the orange color trendline support. Is this a reversal which would propel its share price much higher?

Volume in today's session was much lower than the previous day's but price still managed to close higher at $1.88 resistance, touching a high of $1.89 in the day. Rising on low volume is not a good sign usually but if we look at the bigger picture, the overall trend should be given more prominence. Indeed, the ADX seems to be turning up as the +DIs are rising. This is something we have not seen in a while. It suggests that a nascent uptrend could be gaining strength.

The MACD is rising higher in positive territory. The other momentum oscillators continue to rise as well. There is demand, there is accumulation and there is positive price momentum. The strength is impressive and I would be accumulating on weakness. I still have near term targets of $1.95 and $2.00 for this counter where price would meet with resistance. At what price would I accumulate? Immediate support is at $1.83.

Related post:
CapitaMalls Asia: Testing $1.88 resistance.

CapitaMalls Asia: Testing $1.88 resistance.

With a huge buy up at closing last evening, I took a chance that $1.83 resistance might break today. I raised my sell order to $1.87 instead, just one bid shy of resistance at $1.88 which I identified on 5 April. The sell order was filled today as price touched a high of $1.88 before closing the day at $1.86. Volume was very high today, almost quadrupling from the session before. So, will the price move higher tomorrow? It could.

There is reason to be optimistic if we believe that volume is the fuel that drives rallies and clearing the $1.83 resistance on such high volume and testing resistance at $1.88 on the same day is quite impressive. The MACD has been rising in positive territory, signalling the return of positive momentum. The MFI is yet to be overbought while the RSI is bordering on overbought. The OBV suggests strong accumulation. Immediate target in case of a breakout: $1.95 followed by $2.00.

Although a long upper shadow on today's white candle suggests some selling pressure closer to and at $1.88, selling has been well absorbed. In case of a sell down, $1.83 is the immediate support while $1.80 could provide a stronger support as that is where we find the 50dMA as well as the trendline support. Breaking $1.80 support would mean that the current uptrend has been compromised.

Related post:
CapitaMalls Asia: Testing $1.83 resistance.

CapitaMalls Asia: Testing $1.83 resistance.

CapitaMalls Asia tested support turned resistance at $1.83 for the first time today. The fact that its share price pulled back and closed at $1.81 shows the existence of strong selling pressure closer to and at $1.83. The fact that this happened on much higher volume shows some weakness in the upward movement today. My sell order at $1.83 was not done.

The MFI, a measure of demand, has flattened despite the higher price and volume while the RSI has flattened in overbought territory. OBV, however, is rising which suggests ongoing accumulation. What are the possible scenarios now?

Given the fact that the MFI and RSI are near overbought and overbought, respectively, upside could be limited from here. $1.83 remains the immediate resistance while further upside could be capped at $1.88 (78.6% Fibo fan line and 100dMA) in the event that $1.83 is overcome.

Downside? Immediate support is at $1.80 although this could be a weak support. Stronger support could be found at $1.78, a many times tested resistance which coincides with trendline support as well. If this were to go, the uptrend would have been compromised and the next support would be at $1.72.

I have divested some at $1.78 and have put in a sell order at $1.83 for tomorrow. If price were to weaken to $1.72, I could buy in again. TA is never about certainty. It is about probability and we should plan accordingly. Good luck to fellow shareholders.

Related post:
CapitaMalls Asia: Partial divestment at $1.78.

CapitaMalls Asia: Partial divestment at $1.78.

In my last blog post on CapitaMalls Asia, I suggested that I could divest at $1.78 and I did so today. Using a Fibo fan, it is interesting to see how opening at $1.78 today is exactly where we find resistance provided by the 61.8% fanline. 61.8%, being one of the three golden ratios, is likely to be a strong resistance and so it was today.

If price action should break the resistance provided by the 61.8% fanline in the next couple of sessions, we could see the 100dMA tested as resistance ultimately. This is currently at $1.89. Sounds exciting? Of course it does but there is $1.83 to contend with first as that is likely to be a very strong resistance too. Sounds tougher now, doesn't it? This is especially so when we realise that volume has been reducing in the last few sessions (see orange line).

One wonders if the trendline support that started on 15 March could hold or would it break. If price should pull back in the next session, support is at $1.73. If the hypothesis that we could be entering a rangebound, sideways trading turns out to be correct, we should take heed of the Stochastics which shows a bearish crossover to be completed in overbought territory. This hypothesis finds support in the ADX as well which, at the moment, suggests that there is no strong trend in this counter's price action.

Having made a partial divestment at $1.78 today, I would still benefit from a continuing upward movement in price if it should take place. If price should weaken instead, I would be able to load up with less reservation.

Related post:
CapitaMalls Asia: Testing resistance.

CapitaMalls Asia: Testing resistance.

CapitaMalls Asia once again tested resistance at $1.78 today. Volume is higher than the previous session but lower than two sessions ago when price gapped up to test $1.78.

In the face of falling share prices amongst Singapore developers today, the counter's resilience is impressive. The momentum oscillators continue to rise although the MACD is still in negative territory. That there is demand and support is quite obvious. However, could price move higher? It could but a more useful question is how high could it go before it hit another significant resistance (yes, "another" because $1.78 is four times tested since 25 Feb and is a significant resistance now).

In the event that $1.78 should be overcome, where do I see the next significant resistance? $1.83. In the event that price should decline, where do I see immediate support? $1.72 and if that goes, it would be $1.68. The downside could be as much as 10c while the upside could be limited to just 5c.

If we look at the Bollinger Bands and the MA envelope, it is hard not to see that they have gone flat. We could be seeing the start of a rangebound, sideways trading. This possibility cannot be discounted. In such an instance, I would take a look at the Stochastics which suggests, in this case, that the counter is overbought.

Readers who have followed my blog since its early days would remember that I talked about avoiding the memory effect. This basically means that we should make decisions based on current realities and that we should try not to be fettered to past memories which could lead to irrational decisions. Yes, we can only try.

Therefore, I could possibly do a partial divestment of my investment in this company tomorrow even if price fails to go higher.

Related post:
CapitaMalls Asia: Dual listing failed to excite.

CapitaMalls Asia: Dual listing failed to excite.

News of the proposed dual listing in Hong Kong didn't send its share price higher. In fact, it closed lower at $1.74 after closing the gap at $1.72.

The ADX continues to decline and the downtrend has definitely weakened. This does not automatically mean that the share price is going higher. We could be seeing the start of rangebound trading too. So, is it time to buy more? The volume for half a day's worth of trading is quite high and I would not be surprised if there should be more downside. Immediate support in the next session is at $1.70.

I will see how the share price moves in the next few days. If a higher low in share price should be formed and if the technicals are supportive of a move up, I could possibly increase my exposure to this counter. There could be some near term weakness in this counter's share price but over a longer term, the prospects could be more benign.

Related post:
CapitaMalls Asia: Proposed dual listing in Hong Kong.

CapitaMalls Asia: Proposed dual listing in Hong Kong.

CapitaMalls Asia's trading halt early this morning made me wonder if the rumours of dual listing in Hong Kong for this company are true. I just checked SGX's website and have confirmation.

"CapitaMalls Asia wishes to announce its intention to explore a secondary listing in Hong Kong to complement CapitaMalls Asia's growth strategy in China. China currently accounts for approximately 37%1 and 70%1 of CapitaMalls Asia’s total property portfolio by property value and Gross Floor Area respectively. Given the growing importance of CapitaMalls Asia's China business going forward, the Directors believe that the Listing will complement CapitaMalls Asia’s expansion in the country and achieve its longer-term strategic objectives." Read announcement here.

Like with all dual listing announcements, it is reasonable to expect a spike in buying interest in this counter. The fervour could dissipate after some time but I would expect some positive movement initially. Resistance levels could possibly weaken and higher highs could be formed.

See slides proposing secondary listing here.

Related post:
CapitaMalls Asia: Moving higher.