Investors Plunge BEM 6% for Profit Taking after Gaining 54% in 52W while SET Plunges 3%!
BEM faced a sharp plummet as much as ฿0.70 or 5.83% to the lowest in the morning session at ฿11.30 with a trading value of THB 1.25 billion as of 10:30.
Just a few minutes after the opening bell on June 12, 2019, the share price of Bangkok Expressway and Metro Public Company Limited (BEM) faced a sharp plummet as much as ฿0.70/share or 5.83% to the lowest in the morning session at ฿11.30/share with a trading value of THB 1.25 billion as of 10:30. The trading volume was more than seven times the 20-day average for this time of day.
The drop was more than any full-day drop since December 26, 2018, as Thailand’s benchmark index declined. According to the analysis, the relative strength index (RSI) on the stock was above 70, indicating it may be overbought after BEM advanced 54% in the past 52 weeks as SET Index lost 3.1%.
The sudden plummet might due to the profit taking from investors as the price has been advancing nonstop while the share price has surpassed analysts’ consensus target price which is ฿11.60/share.