China XLX Off 6.5% On MS Downgrade; S$0.83 Floor

China XLX Fertiliser (B9R.SG) down 6.5% at S$0.865 in active trade, extending morning''s fall, as Morgan Stanley''s downgrade to Underweight from Overweight, cut in target price to S$0.75 from S$1.61 due to margin concerns raises selling pressure. Chart action signals bearish outlook in near term, as positive direction momentum indicator on ADX has slipped below negative indicator and MACD has issued Sell signal. Immediate support at S$0.83 (38.2% retracement of rise to May high of S$1.06 from 52-week low of S$0.465).