KUALA LUMPUR: Freight Management Holdings Bhd is one of the most heavily traded counters on Bursa Malaysia in early trade Friday.
The logistics and freight service provider jumped 25.58%, or 22 sen to RM1.08 with over 30 million shares traded. Year-to-date, it has risen over 107%.
RHB Retail Research said Freight Management may print an all-time-high as it breached above the consolidation point of 85.5 sen – forming a “higher high” bullish pattern.
“Bullish momentum above that level may propel the stock towards the nearest resistance of 93.5 sen, before reaching RM1.05.
“However, falling below the 80 sen support – below 21-day average line – may reverse the momentum,” RHB said.
For the full financial year ended June 30, Freight Management’s net profit more than doubled to RM27.03mil from RM12.04mil posted a year ago.
Its revenue surged 38.4% to RM763.43mil against RM551.6mil a year earlier.