Quick take: Genting Malaysia shares at nine months high

KUALA LUMPUR: Shares in Genting Malaysia Bhd rose to its highest in nine months in early trade Monday.

The hilltop casino operator rose 4.81%, or 13 sen to RM2.83 with over 19 million shares traded.

The government’s move to allow inter-state travel is expected to benefit Genting Malaysia as the gaming crowd is expected to rise at Genting Highlands.

Rakuten Trade said Genting Malaysia’s share price staged a series of bullish breakout recently supported by higher trading volume indicating positive buying momentum.

“With share price gaining buying traction - being one of the potential recovery plays, we expect Genting Malaysia to move higher, possibly towards the RM3.00 level,” it said.

The Research house said the resistance levels are identified at RM2.79 (R1) and RM3.01 (R2) level.

For the downside, support levels are set at RM2.42 (S1) and RM2.19 (S2).

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