Hot Stock PUC Founder down 7.14% on ACE market profit taking

by **Cals** Mon 15 Jun 2015, 01:15

Hot Stock
PUC Founder down 7.14% on ACE market profit taking

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By Chen Shaua Fui / theedgemarkets.com | June 12, 2015 : 11:24 AM MYT

KUALA LUMPUR (June 12): [size=14]PUC Founder (MSC) Bhd extended its loss and dropped 7.14% or 1 sen to 12 sen on active trading this morning due to profit taking in the ACE market.

As at 11.06am, PUC Founder (fundamental: 1.85; valuation: 1.1)’s share price pared loss and settled at 13.5 sen. Some 6.81 million shares changed hands.

The IT solution provider’s share price has been on a downward trend since Wednesday after it announced its maiden venture into solar power production with its 1MW solar power farm project in Sg Petani, Kedah.

The company expected a 21-year recurring income of RM1 million per annum from the first quarter of its financial year ending December 2016 (1QFY16).

Investors had reacted negatively to the company’s venture. Its share price had fallen from 14.5 sen on Wednesday and closed at 14 sen yesterday.

According to Inter-Pacific Securities Sdn Bhd remisier Sam Ng the counter was down due to profit taking across the ACE market that sparked the chain reaction.

“This is purely trading purpose. But it is worth to note that the ACE market was down today, there seems to be a profit taking activities happen in ACE market,” he told theedgemarkets.com.

He noted that other counters such as Vsolar Group Bhd’s share price that went down as much as 8.57% and IFCA (MSC) Bhd that went down 7.44%.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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