Bina Puri up 2.82%, breaches 36 sen hurdle

KUALA LUMPUR (Aug 16): Bina Puri Holdings Bhd (BPuri) rose 2.82% in early trade this morning and breached its 36 sen hurdle.

At  9.24am, BPuri rose 1 sen to 36.5 sen with 274,000 shares traded.

AllianceDBS Research said Bina Puri Holdings Bhd (BPuri) had on Aug 15 crossover the 36 sen hurdle to reach an intraday high of 36.5 sen before closing at 35.5 sen (up 2 sen or 5.97%).

In its evening edition yesterday, the research house said BPuri continued to stay below the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on Aug 15, the stock is likely to move higher with immediate hurdle at 36 sen.

“A crossover of 36 sen again should see further price rise to the next overhead resistance zone, 37.5 sen– 40 sen.

“The support is pegged at 32.5 sen. A fall below 32.5 sen would put pressure on the stock down to the subsequent support at 30 sen,” it said.

AllianceDBS Research said stock volume traded on Aug 15 was 1.36 million shares compared to the 3-month average volume of 770,000 shares.

The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.

It said the relative strength index indicated that the stock was currently in a neutral zone. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.