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Hot Stock Merge Energy jumps 59% on perceived undervaluation
by Cals Wed 15 Jan 2014, 23:16
| Hot Stock Merge Energy jumps 59% on perceived undervaluation |
| Business & Markets 2014 |
| Written by Zatil Husna of theedgemalaysia.com |
| Wednesday, 15 January 2014 15:53 |
KUALA LUMPUR (Jan 15): Merge Energy Bhd, a construction and property company, rose as much as 59% on perceived undervaluation of the stock, remisiers and dealers say.
Merge Energy which earlier rose as much as 19.5 sen sen to 52.5 sen, reduced gains to 40.5 sen at 3.38pm with 495,800 shares done. The stock was among top gainers across the bourse.
Remisiers Association of Malaysia president Sam Ng said the rise in Merge Energy shares could be due to some investors "who felt that the stock was undervalued".
“This is partly also due to policy changes that have made mid-cap stocks attractive as Prime Minister Datuk Seri Najib Razak has urged government-linked companies and EPF to trade more in mid-cap stocks,” Ng toldtheedgemalaysia.com over telephone.
Merge Energy's share price compares to its latest reported net assets per share of 80 sen.
A dealer concurred with Ng that Merge Energy is undervalued.
"The stock may be undervalued, " the dealer said.
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