KUALA LUMPUR: Pelikan International Corp Bhd
saw strong buying interest in early trade Friday, making it one of the most actively traded counters on Bursa Malaysia.
The stationery maker rose 2.15%, or one sen to 47.5 sen with 9.44 million shares traded at 9.18am. Year-to-date, the counter has risen almost 51%. It is currently trading at a PE ratio of 24.88 times.
RHB Research said Pelikan was set for an uptrend reversal after it broke past the 46 sen level – forming a Bullish Engulfing pattern.
“If it remains above that breakout level, the positive momentum may persist, boosting the stock towards the next resistance of 51 sen, followed by 55 sen or its 52-week high.
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