Malton shares continue on its uptrend

KUALA LUMPUR: Shares in Malton Bhd attracted trading interest in early trade, rising more than 5%.

The counter gained 5.83%, or 7 sen to RM1.27 with 4.66 million shares traded. Year-to-date, it has gained some 80%. Malton-Wb rose 5.43%, or 2.5 sen to 48.5 sen.

“A crossover of the RM1.24 hurdle would likely see Malton trading upward with the next upside target pegged between RM1.36 and RM1.40,” AllianceDBS Research said in a technical report.

The research house said risk taking traders could establish a buying position at RM1.17 on a small pullback.

“Once a buying position is established, a stop loss at RM1.14 level must be placed for risk capital protection, and this RM1.14 is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM30 (excluding brokerage) for RM190 – RM230 potential profit, you may acquire 1,000 shares with a capital amount of RM1,170 assuming buying order is filled at RM1.17,” AllianceDBS said.

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