AppAsia Bhd (0119)

• APPASIA rose 10.2% or 7.5 sen to RM0.81 last Friday.

• Last Friday’s move saw positive renewed buying interest on the stock on the back of rising trading volume. The positive news on the potential collaboration agreement with Telekom Malaysia Bhd to promote the Yellow Pages digital platform in Malaysia is likely to see follow though buying, hence we expect the share price to chart new highs possibly hitting the RM1.00 level.

• Resistance levels are expected at RM0.91 (R1) and RM1.00 (R2).

• Conversely, support levels are expected at RM0.71 (S1) and RM0.60 (S2).

Source: Rakuten Research - 7 Sept 2020