PetChem rises 3.18% on positive technical outlook

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KUALA LUMPUR (Sept 12): Shares in Petronas Chemicals Group Bhd (PetChem) rose 3.18% at mid-morning today, following a positive technical outlook on the stock.

At 10.28am, PetChem rose 23 sen to RM7.46, valuing the group at RM59.68 billion.

RHB Retail Research said PetChem may rebound further after it tested the RM6.75 support in the recent session.

In a trading stocks note today, the research house said as the stock rose above the 21-day simple moving average (SMA) line, this indicates a positive sign.

"A positive bias may emerge above the RM7 level, with an exit set below the RM6.75 threshold.

"Towards the upside, the immediate resistance is at the RM7.55 level. This is followed by the RM7.88 mark," it said.