Quick take: YKGI rises 7% on technical buy

KUALA LUMPUR: Shares of YKGI Holdings Bhd rose over 7.4% in early trade after a technical buy by PublicInvest Research.

The flat steel player advanced 7.41%, or one sen to 14.5 sen with 2.37 million shares traded. It is currently trading at a PE ratio of 17.19 times.

PublicInvest said YKGI picked up its prior uptrend after undergoing congestion phase.

“Improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in nearterm.

“Should resistance level of 15 sen be broken, it may continue to lift price higher to subsequent resistance level of 16, ” PublicInvest said.

However, PublicInvest noted that failure to hold on to support level of 11.5 sen may indicate weakness in the share price and hence, a cut-loss signal.

It said the stop loss level was at 11 sen.

Source: TheStar