GOLDMAN SACHS TRADING AT 2-YR LOW AS MALAYSIA SEEKS $7.5B COMPENSATION
In the Premarket trading session on Friday, Goldman Sachs stock was trading at 167.50- lower by 0.54% as compared to its previous close.
The Financial Times reported today, citing Malaysian finance minister that the country is seeking $7.5 billion as compensation from the investment bank over its dealings with scandal-linked state fund 1MDB.
Malaysian prosecutors filed charges against the US investment bank on Monday in connection with its role as underwriter and arranger of three bond sales that raised $6.5 billion for 1Malaysia Development Berhad.
In addition, Bloomberg reported on Friday that Singapore has expanded its criminal investigation of 1MDB to include Goldman Sachs, in a sign indicating its willingness to investigate the bank’s role in the suspected multi-billion-dollar money laundering scheme.
Goldman Sachs stocks fell to a two-year low this week after Malaysia filed the charges.
On the technical front, the current price is below the MA5 (170.01) and MA20 (182.54). The current price is below the middle line of the Bollinger Bands and is heading downwards. The stock is expected to trade lower today.
TRADE SUGGESTION- STOP SELL AT 167.30 TAKE PROFIT AT 165.00 STOP LOSS AT 168.30