Sarawak Cable rises 1.83% on positive outlook

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KUALA LUMPUR (March 17): Shares of Sarawak Cable Bhd (SCable) rose 1.83% in early trade Thursday after Hong Leong IB Research said SCable was one of HLIB’s top construction picks with an institutional target price of RM2.49 (based on SOP), or 52.7% upside.

At 9.22am, SCable rose 3 sen to RM1.67 with 305,600 shares done.

In a trading idea note today, the research house said that technically, the stock was poised to retest RM1.77-1.87 upside resistances in the short to medium term following a bullish short term resistance trendline breakout yesterday.  

“Key supports are RM1.55-1.59. Stop loss at RM1.54,” it said.