Stock With Momentum: FoundPac Group Bhd

This article first appeared in The Edge Financial Daily, on July 4, 2018.
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FoundPac Group Bhd (-ve)
Trading in the shares of FoundPac Group Bhd (fundamental: N/A, valuation: N/A) triggered our momentum algorithm yesterday for the fifth time this year.

The stock closed 2.5 sen or 7.58% higher at 35.5 sen after 30.28 million shares were traded, compared with a 200-day average volume of 3.2 million shares.

FoundPac, which designs and develops precision engineering parts, has not made any significant announcement since releasing its results for the third quarter ended March 31, 2018 (3QFY18), when its net profit fell 39% year-on-year to RM1.82 million from RM2.96 million.

On June 18, RHB Retail Research said that FoundPac might move higher after posting a long white candle and hitting its highest close in nearly three months.

At the current share price, FoundPac has a market capitalisation of RM181.3 million.