Quick take: Bahvest rises 5.8% on technical buy

KUALA LUMPUR: Shares of Bahvest Resources Bhd rose almost 6% in early trade Wednesday after a technical buy from PublicInvest Research.

The counter, which is involved mainly in the breeding and rearing of marine fish, added 5.88%, or 1.5 sen to 27 sen while Bahvest-WA was unchanged at 18.5 sen. Bahvest is currently trading at a PE ratio of about 64 times.

PublicInvest said Bahvest was potentially poised for further technical rebound after undergoing substantial downtrend.

“Should its immediate gap-down window be successfully sealed with renewed buying interest, it may continue to lift price higher to subsequent resistance levels of 29 sen and 33 sen,” the research house said.

However, failure to hold on to a support level of 24 sen may indicate weakness in the share price and hence, a cut-loss signal.

It said the stop loss level was at 22 sen.

Source: TheStar