KUALA LUMPUR (Aug 2): Shares in IFCA MSC Bhd, a business software solution provider rose by as much as 2.5 sen or 6.33% to 42 sen today, from a previous day’s close of 39.5 sen.
 
The rise in IFCA MSC shares, which was the fourth most actively traded counter during intra-morning today, was after Public Investment Bank Bhd’s retail research said the stock is currently trending upward and recovering from retracement phase.
 
At 12:03pm, shares in the ACE-listed IFCA MSC were still trading at 41.5 sen, for a market capitalisation of RM249.4 million.
 
Nearly 19.73 million shares in IFCA MSC exchanged hands, equivalent to 3.25% of its share capital.
  
According to the investment bank, IFCA MSC’s share price has been staying above short term moving average.
 
Bullish technical indicators such as Relative Strength Index (RSI) and moving average convergence divergence (MACD) currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term.
 
Should resistance level of 40.5 sen be genuinely broken, Public Investment Bank said the stock may continue to lift price higher to subsequent resistance levels of 43.5 sen and 46 sen.
 
“However, failure to hold onto support level of 37 sen may indicate weakness in the share price and hence, a cut-loss signal,” the investment bank added.