KUALA LUMPUR (July 24): AllianceDBS Research said Malakoff Corp Bhd (Malakof) had on July 23 traded higher to 91.5 sen before closing at 91 sen (up 1 sen or 1.11%).

In its evening edition yesterday, the research house said Malakof continued to trade above 20-day (blue) and 50-day (red) moving average lines.

It said following the up close on July 23, the stock is likely to move higher with immediate hurdle at 93 sen.

“A crossover of 93 sen should see further price rise to the next overhead resistance zone, 96 sen – 98 sen.

“The support is pegged at 89.5 sen. A fall below 89.5 sen would put pressure on the stock down to the subsequent support at 88 sen,” it said.

AllianceDBS Research said stock volume traded on July 23 was 2.44 million shares compared to the 3-month average volume of 2.20 million shares.