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KUALA LUMPUR: KNM Group Bhd’s shares are among the most actively traded stocks on Bursa Malaysia in early trade Thursday.
The oil and gas fabrication company 2.63%, or 0.5 to 19.5 sen at 9.40am. It is currently the fifth most active counter on Bursa Malaysia with 22.8 million shares done.
PublicInvest Research, which has a technical buy, said KNM was staging a potential breakout from its sideways channel, with anticipation of continuous improvement in both momentum and trend in the near term.
“Should the immediate resistance level of 20.5 be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of 22 sen.
“However, failure to hold on to support level of 18.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” the research house said.
Early this week, KNM appointed Safia Ahmad Jahidi as independent and non-executive director. Safia is currently the managing partner of Messrs Nik Safia & Co.
Last month, KNM obtained a loan facility worth up to RM128.75mil from Export-Import Bank of Malaysia Bhd. The fund aims to facilitate the issuance of bank guarantees for overseas projects undertaken by the company and its subsidiaries.