KUALA LUMPUR (Jan 13): Pelikan International Corp Bhd's share price jumped as much as 8.5 sen or 23% to 44.5 sen in morning trades today, possibly, after analysts said the writing instrument manufacturer's share price may see further upside based on technical indicators.
 
"Possible for further upside. Pelikan is establishing a new uptrend following recent pullback. Should resistance level of 40 sen be broken, it may continue to lift price higher to subsequent resistance levels of 42 sen and 44 sen," Public Investment Bank Bhd wrote in a note today.

"However, failure to hold on to support level of 34 sen may indicate weakness in the share price and hence, a cut-loss signal," Public Investment said.

At 9:39am, Pelikan shares were traded at 44 sen for a market value of RM223.19 million. The stock saw some 14 million units transacted to be among Bursa Malaysia's most-active stocks.