GLP [Global Logistic Properties] may be included in the 30 Straits Times Index components to be revented on 18th March 2011. [SMRT may be displaced.] — Nomura Research.
GLP was listed on 18th October 2010 trading between $2.19 and $2.13. Its IPO price was $1.96.
GLP holds 17.4% of its properties in China and 82.6% in Japan. In the 1Q11, it returned to profitability with an increased revenue of 15% inclusive of revaluations and forex gains in the Chinese yuan & Japanese yen. Profit for the 1Q11 was US$561m.
Technical Review GLP’s share price has been on downtrend since listing on 18th October 2010. The all-time Lo was on 28 February 2011 at $1.87. First week of March 2011 saw the share price inching up to $1.94.
As seen in the chart GLP closed 8 March 2011 at $1.92. The 14-day Relative Strength Indicator & the 5-day Stochastic Momentum, both turned up. The first target up should be at the trend line Resistance is $2.04. After that, GLP would test the other previous Hi’s — $2.13 & $2.21 & $2.26. Downside Support is at $1.87.
The daily traded volume is between ten & twelve million shares. Anything above that should be interpreted as interest in the counter.
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