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KUALA LUMPUR: Shares in Choo Bee Metal Industries Bhd continued to attract investors’ interest in early trade Monday.

The counter climbed 1.41%, or three sen to RM2.16. Year-to-date, it has appreciated over 33%.

RHB Retail Research said Choo Bee is expected to rebound higher towards the multi-year high.

It added it bounced off its recent breakout level of RM2.03 on strong trading volume – indicating that a strong resistance-turned-support has been established.

“Riding on strong trading interest, the bullish momentum should continue to propel the stock towards the next resistance of RM2.25, followed by the multi-year high of RM2.50.

“Meanwhile, falling below the RM1.97 support – below the 21- day SMA line – would see the direction shift south,” RHB said.

In the second quarter ended June 30, Choo Bee posted a net profit of RM22.41mil from RM362,000 in the same quarter a year ago.

Its revenue surged to RM97.63mil from RM46.07mil last year.

In the first six months, it posted a net profit of RM49.77mil on revenue of RM233.51mil.



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