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NewsHot Stock Insas rises actively by 24.4% due to 34% stake held in Inari.
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Hot Stock Insas rises actively by 24.4% due to 34% stake held in Inari.
by Cals Tue 25 Mar 2014, 00:35
| Hot Stock Insas rises actively by 24.4% due to 34% stake held in Inari. |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Monday, 24 March 2014 16:49 |
KUALA LUMPUR (Mar 24): Insas Bhd was among the most actively traded stocks as well as a top gainer in the afternoon session on Monday.
At 4:45 pm today, Insas was up 25 sen to RM1.19 with some 134 million shares traded.
KC Goh, a remisier with SJ Securities told theedgemalaysia.com that the spike in the shares today were likely related to Insas’s 34% stake in Inari Amertron Group.
“Inari has been moving from RM1.80-RM2.10 over the past 2 weeks. With this gaining momentum, shareholders of Insas must have thought that it was a good time to buy in. This is also supported by some institutional buy in,” he said.
In its second quarterly financial results ended December 31, 2013, Insas reported a 34.5% year-on-year rise in net profit to RM40.92 million from RM30.42 million a year ago. Revenue was up to RM 80.67 million from RM47.69 million.
The company attributed its improved profits to earnings of its stock broking unit, the IT unit and its associate companies, Inari Amertron Group in the current quarter.
Its associate company, Inari Amerton Group rose in tandem today.
At 4:39pm today, Inari was up 4.7% or 12 sen to RM2.65 with some 6.1 million shares traded.
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