IFCA rebounds, gains 9.2% on bargain hunting

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KUALA LUMPUR (June 26): IFCA MSC Bhd saw its share price rebound, gaining as much as 9.2% on bargain hunting activity, following a consecutive three-day decline.

At 10.52am, the counter rose 8 sen or 6.7% to RM1.27, with some 19.1 million shares exchanged, listing it among top actives on the board. Its market capitalisation was RM662.73 million.

Earlier, IFCA (fundamental: 3.0; valuation: 0.8) was also among top gainers, after rising as much as 11 sen or 9.2% to reach a high of RM1.30.

A remisier said the counter rebounded after closing at its support level of RM1.19 yesterday.

“IFCA fell quite a bit over the past three days and is now rebounding on some bargain hunting activity as the stock hit its support level of RM1.19,” he said.

He noted that IFCA fell 18 sen or 13% to RM1.19 yesterday, from its closing of RM1.37 on June 22.

Meanwhile, in a note today, Kenanga Investment Bank Bhd said key supports of IFCA were at RM1.19 and RM1.13, while key resistance levels were at RM1.30 and RM1.35.

Year-to-date, IFCA’s share price has appreciated 69.3%, outperforming the FBM KLCI which declined 2.69% during the same period, according to Bloomberg data.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)