TM gains 1.3% on positive technical outlook

KUALA LUMPUR: 1.3% is added to Telekom Malaysia Bhd (TM) shares this morning, following a positive technical outlook on the stock.

At 11.56am, TM gained 6 sen to RM4.66 for a market capitalisation of RM17.51 billion.

TM may climb higher after it breached above the RM4.50 threshold, according to RHB Retail Research.

The research house also said that yesterday’s candle has sent the stock to its new 52-week high which as a result, enhances the bullish sentiment.

“A bullish bias may appear above the RM4.50 level, with an exit set below the RM4.20 threshold. “Towards the upside, the near-term resistance is at RM4.76. This is followed by the RM5.00 level,” it said.

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