KUALA LUMPUR: Shares of Life Water Bhd were actively traded this morning, with 11 million shares exchanged, making it one of the most active stocks on Bursa Malaysia.
The Sabah-based beverages company fell 1.61%, or 1.5 sen, to 91.5 sen, with 11 million shares traded. It has dropped 2.66% since its listing on the Main Market of Bursa Malaysia on Nov 13.
RHB Research said Life Water is eyeing to extend the upside movement after staging a bullish breakout on the heel of high volume.
“The stock printed a long bullish candlestick and closed above the 90 sen resistance, which indicates a strong bullish momentum is now in play.
“Premised on this momentum, the counter will climb towards 95.5 sen, followed by the RM1.03 level. On the other hand, falling below the 85 sen support opens the door for a correction phase,” it said.
In the first quarter ended Sept 30, Life Water posted a net profit of RM7.5mil on revenue of RM42.6mil.
