Quick take: GDB rises 6% on technical buy

KUALA LUMPUR: GDB Holdings Bhd climbed in early trade Wednesday following a technical buy from PublicInvest Research.

GDB rose 6.06%, or three sen to 52.5 sen with 3.66 million shares traded at 9.37am. GDB-WA gained 10%, or 1.5 sen to 16.5 sen with 2.4 million shares done.

PublicInvest said GDB is staging a potential breakout from its sideways channel, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should the immediate resistance level of 52.5 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of 56 sen,” it said.

However, the research house said failure to hold on to support level of 47.5 sen may indicate weakness in the share price and hence, a cut-loss signal. The stop loss level is at 44 sen.

In the first six months ended June 30, GDB posted a net profit of RM13.72mil against RM9.66mil a year ago. Its revenue for the period rose 38.2% to RM191.82mil from RM138.79mil a year before.

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