Quick take: Inari continues to climb higher

KUALA LUMPUR: Shares in Inari Amertron Bhd rose to its highest in over three years in early trade Friday.

The chip assembly and testing firm rose 1.33%, or five sen to RM3.80, its highest since January 2018.

RHB Retail Research said Inari is set to print a new high, as it breached the immediate resistance of RM3.68 on strong volume, forming a long white candlestick.

“If it stays above that level, the bulls may propel the stock towards the uncharted territory of the RM4.00 psychological level, followed by the RM4.10 threshold,” it said.

However, RHB said this expectation would be cancelled if it falls below the support of RM3.59 – forming a “lower low” pattern.

In a recent report, TA Securities Research said the demand for chips will continue to grow amid the Covid-19 pandemic and the proliferation of emerging technologies like 5G, artificial intelligence, cloud computing, Internet of Things and robotics.

The view from the research house comes as global semiconductor sales mark 18 consecutive months of year-on-year growth as of July 2021.

Global semiconductor sales trended higher in July 2021 as it grew 2.1% month-on-month and 29% y-o-y to US$45.4bil (RM188.32bil).

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