KUALA LUMPUR (Feb 20): Shares in Muda Holdings Bhd rose 5.84% this morning following a positive technical outlook on the stock.

At 9.20am, Muda rose 9 sen to RM1.63 for a market capitalisation of RM497.23 million.

RHB Retail Research said Muda may rise higher after it formed a long white candle and breached above the RM1.50 mark.

In a trading stocks note today, the research house said this candle has sent the stock to its highest close in more than two months, thereby enhancing the positive sentiment.

“A bullish bias may emerge above the RM1.50 level, with an exit set below the RM1.42 mark.

“Towards the upside, the immediate resistance is at the RM1.62 level, followed by the RM1.70 threshold,” it said.