Hot Stock EKA Noodles the most active stock as it gains as much as 7.7%

by **Cals** Wed 06 Apr 2016, 01:30

Hot Stock

[size=28]EKA Noodles the most active stock as it gains as much as 7.7%

By Meena Lakshana / theedgemarkets.com | April 5, 2016 : 4:58 PM MYT

KUALA LUMPUR (April 5): Shares of noodle producer EKA Noodles Bhd rose as high as 7.69% today and was the top most actively traded counter on Bursa Malaysia.

At 4.31pm, the stock pared some gains but was still up half a sen or 3.85% at 13.5 sen, after 73.67 million shares were traded, compared to its 200-day average of 7.29 million. The current price gives it a market capitalisation of RM43.68 million.

The stock has been on the rise since Jan 4 this year, and hit its two-year high of 25 sen on March 21.

Year to date, EKA shares have risen by 23.81%, outperforming the FBM KLCI's benchmark, which has slipped by 0.51% in the same period.

Its upward trend courted an unusual market activity query from Bursa Malaysia on March 22, after its share price rose as high as 6% and some 59.29 million EKA shares were traded that day, compared to its 200-day average volume of 4.41 million shares.

According to a report by Asia Analytica on March 8, EKA's share price has doubled at the end of the first week of March (when it hit 21 sen on March 4) since the start of the year (when it was trading at 11 sen).

However, it noted that EKA's fundamentals remain weak, with only RM908,000 in cash against a total debt of RM67.3 million.

The company was recently back in the black with a net profit of RM308,000 or 0.12 sen per share for the three months ended Dec 31, 2015 on the back of RM14.14 million in revenue in the same period.

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