YTL Technical Analysis Chart:

Technical Analysis:

• Support: RM2.480

• Resistance: RM3.220

• Price Range RM3.20 to RM3.92: This range is a high-volume trading area with significant sell orders accumulated, creating substantial resistance.

Market News :

The Malaysian Anti-Corruption Commission (MACC) is currently investigating YTL Communications Sdn Bhd, the telecommunications arm of the YTL Group. The investigation pertains to the 1Bestarinet project initiated by the Ministry of Education in 2011. This project, publicly tendered by the Ministry, involved a contract worth up to RM4 billion aimed at constructing telecommunication towers for schools to enable wireless mobile service access for students and teachers. YTL Communications won the bid among 19 competing companies.

The project contract concluded on June 30, 2019, and was certified as successfully completed by the Ministry of Education. However, the focus of the MACC investigation is on payment claims associated with the 1Bestarinet service tender, involving approximately RM2.7 billion in alleged false information. On September 4, the MACC conducted operations at government offices and YTL Communications' office in Kuala Lumpur, seizing multiple documents and currently seeking witnesses to assist in the investigation.

Overall Analysis:

Considering both technical and fundamental perspectives, the short-term price movement of YTL's stock could be influenced by the technical resistance levels and the outcomes of the MACC investigation. If the stock price encounters resistance at RM3.220 and subsequently declines, especially if the investigation yields unfavorable results for the company, the stock price may continue to fall.

In this scenario, investors should adopt a cautious strategy, setting stop-loss points to manage risk and maintaining ongoing vigilance regarding company developments and market conditions.