Quick take: FoundPac shares up on technical buy

KUALA LUMPUR: Foundpac Group Bhd’s shares rose in early trade Monday following a technical buy call from PublicInvest Research.

The precision engineering firm climbed 1.2%, or one sen to 84 sen, its highest in about two months, with 1.2 million shares done.

In a report, PublicInvest said should the first resistance level of 91 sen be broken, it may continue to lift price higher to subsequent resistance levels of 96 sen and RM1.

The research house noted that the first support level is at 79 sen. The subsequent support levels are at 74 sen and 70.5 sen. ‘

For the nine months ended Mar 31, FoundPac posted a net profit of RM8.34mil on revenue of RM36.4mil.

According to its third quarter ended Mar 31 financial results, FoundPac said it would continue to uphold its core and long-term strategy to focus on business expansion and diversification, product development, as well as business process optimisation through lean implementation across all operations in the organisation.

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