Quick take: Genting Malaysia shares at five weeks high

KUALA LUMPUR: Shares in Genting Malaysia Bhd rose to its highest in over a month following the announcement on travel curb relaxations.

The gaming and leisure counter rose 0.32%, or one sen to RM3.16, its highest since Sept 7 at 9.03am. It has risen over 18% so far this year.

Rakuten Trade said following the uplift of inter-state travelling restrictions, Genting Malaysia closed 0.64% higher at RM3.15 yesterday.

“Genting Malaysia has recently broken out from the neckline of its double bottom pattern. The resistance of RM3.11 hence turned into its support level.

“It is also trading above all its key moving averages. Backed by upticks in its indicators, the share price is poised to move higher,” Rakuten said.

It added that the resistance levels were identified at RM3.18 (R1) and RM3.31 (R2).

The support levels are pegged at RM3.11 (S1) and RM2.97 (S2).

Prime Minister Datuk Seri Ismail Sabri Yaakob announced on Sunday that interstate travel nationwide would be resumed on Monday.

He also said fully-vaccinated Malaysians can travel abroad without a MyTravelPass effective Monday.

International travel was previously only permitted for Malaysians due to business matters or for educational purposes, as well as for official government matters.