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Stock With Momentum: Cworks Systems
by Cals Thu 04 Feb 2016, 07:58
Stock With Momentum: Cworks Systems
By Asia Analytica / The Edge Financial Daily | February 3, 2016 : 10:56 AM MYTThis article first appeared in The Edge Financial Daily, on February 3, 2016.
Cworks Systems Bhd (-ve)
SHARES of CWorks (Fundamental: 2.25/3, Valuation: 0/3) rose 6.25% to close at its all-time high of 68 sen yesterday, with 11.63 million shares changing hands compared with its 200-days average volume of 767,476 shares.
The stock was last featured in “Stocks with Momentum” on Jan 21, and has risen by 35.4% ever since. Year-to-date, CWorks’ share price has risen by 86.1% and is the top performer in Bursa Malaysia.
The stock continued its rally after the group announced the proposal of a private placement of up to 12.1 million shares of 10 sen each. This represents approximately 10% of the total issued and paid-up share capital of CWorks.
The group was also issued an unusual market activity query by Bursa Securities last week and in a reply, CWorks said was unaware of any corporate development or rumours that may have caused the rally in its share price.
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