KUALA LUMPUR: Shares in Pelikan International Corp Bhd rose over 3% in active trade despite the lack of strong positive news.

       The stationery company rose 3.13%, or one sen to 33 sen. It is one of the most actively traded counters on Bursa Malaysia with over 4.6 million shares traded.

       RHB Research, in a report, said Pelikan is extending its upward movement after breaking away from the sideways consolidation zone.

       “Premised on strong volume, the positive momentum may persist if it stays above the 31.5 sen immediate support level.

       “It may then climb towards the next resistance of 33 sen, followed by 34 sen,” it said.

       However, if it falls below the 30 sen support, the stock may trend downwards.

       In the first quarter ended March 31, Pelikan’s net loss widened to RM12.7mil from RM8.3mil in the same quarter a year ago.

       Its revenue during the quarter fell to RM202.41mil from RM207.27mil last year.