KUALA LUMPUR: Shares in Pharmaniaga Bhd rose in early trade Wednesday following a technical buy from PublicInvest Research.

       The pharmaceutical company rose 1.8%, or 1.5 sen to 85 sen at 9.33am. It has risen almost 5% in the past one month.

       PublicInvest said Pharmaniaga is staging a potential breakout from its sideways channel, with anticipation of continuous improvement in both

       momentum and trend in the near term.

       “Should the immediate resistance level of 89 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of 93.5 sen.

       “However, failure to hold on to support level of 82.5 sen may indicate weakness in the share price and hence, a cut-loss signal,” the research house said, adding that the stop loss level is at 78.5 sen.