KUALA LUMPUR (Dec 2): RHB Retail Research said Southern Cable Group Bhd is extending the upward move since its IPO in October.

In a trading stocks note today, the research house said with an increasing trading volume, coupled with positive price action, we believe the stock is on track to record a new high soon.

“As a bullish bias emerged above the resistance level of 40.5 sen, expect the bullish momentum to reach the next resistance of 43 sen, followed by 46 sen.

“Meanwhile, a downward breach of the 37 sen support would negate this expectation,” it said.