KUALA LUMPUR: Maxim Global Bhd’s shares rose in early trade Wednesday following a technical buy call from PublicInvest Research.
The counter rose 1.61%, or 0.52 sen to 31.5 sen with 2.15 million shares traded. It is currently trading at a P/E ratio of about 9.3 times.
PublicInvest said Maxis is staging a potential breakout from its sideways channel.
The research house said the corresponding RSI and MACD indicators remained healthy while trending sideways, with anticipation of continuous improvement in both momentum and trend in the near term.
“Should immediate resistance level of 32 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 33.5 sen and 35 sen.
“However, failure to hold on to the support level of 30 sen may indicate weakness in the share price and hence, a cut-loss signal,” PublicInvest said.