KUALA LUMPUR: Glomac Bhd’s shares continued its upward trend in early trade Friday.

       The developer rose 5.33%, or two sen to 39.5 sen with 6.1 million shares done at 9.19am. It has risen 29% so far this year.

       RHB Retail Research said Glomac is staging a rebound after bouncing off from the immediate resistance of 37 sen.

       “If it manages to stay above that level, the bullish momentum may propel the stock towards the 39.5 sen level, before possibly hitting the 41 sen threshold.

       “However, falling below the 35 sen support may see the stock descending further to mark a “lower low” bearish pattern,” RHB said.

       Meanwhile, Glomac managing director and CEO Datuk Seri Fateh Iskandar Mansor expects the performance of the property industry to improve in the near term with the easing of economic restrictions that allows construction to recommence and sales galleries to re-open.

       "We believe our RM580mil unbilled sales will provide funding visibility, at least for the next two years, and we are focused on converting our sales of ongoing projects and RM282mil worth of new launches in the financial year 2022,” he said.