Kossan rises 1.88% on positive technical outlook

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KUALA LUMPUR (Feb 26): Shares in Kossan Rubber Industries Bhd rose 1.88% at mid-morning today following a positive technical outlook on the stock.

At 9.58am, Kossan rose 9 sen to RM4.87, valuing it at RM6.23 billion.

RHB Retail Research said Kossan may rise higher after it breached above the RM4.70 threshold.

In a trading stocks note today, the research house said yesterday’s candle sent the stock to its one-week high, thereby enhancing the bullish sentiment.

“A positive bias may emerge above the RM4.70 level, with an exit set below the RM4.54 mark.

“Towards the upside, immediate resistance is at the RM5.00 level, followed by the RM5.18 threshold,” it said.