Stock With Momentum: Gabungan AQRS
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Stock With Momentum: Gabungan AQRS
Stock With Momentum: Gabungan AQRS
By Asia Analytica / The Edge Financial Daily | May 9, 2016 : 11:10 AM MYTThis article first appeared in The Edge Financial Daily, on May 9, 2016.
Gabungan AQRS Bhd (-ve)
Gabungan AQRS Bhd (fundamental: 0.15/3, valuation: 0.30/3), which was actively traded, pared its earlier gains by falling five sen or 5% to close at 95 sen last Friday.
This was the third time that the counter triggered our momentum algorithm since the beginning of this year. The counter volume spiked to 4.43 million, compared to the 200-day average volume of 506,926 shares.
Last Thursday, the group announced that its wholly-owned subsidiary had proposed to acquire a 49% stake in the turnkey contractor for a PR1MA housing project in Kuantan, Pahang, with the construction contract valued at RM424.23 million.
On the same day, the counter jumped 11.11% to its day’s high of RM1, a level not seen since Aug 6, 2015’s intraday high of RM1.02.
The group whose core businesses are construction and civil engineering services, was highlighted as a “red flag”, suggesting that investors should exercise extra caution while trading.
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