DNex active, up 4.44% on strong trading interest

DNex active, up 4.44% on strong trading interest
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KUALA LUMPUR (Aug 14): Dagang NeXchange Bhd shares rose 4.44% in heavy trades after the midday break today, amid a mild technical rebound staged by the FBM KLCI.

The FBM KLCI has picked up 3.51 points to 1,770.47 points so far today, after hovering in the red last week, when it was dragged by negative sentiments due to geopolitical tensions swirling between the US and North Korea.

At 2.58pm, Dagang NeXchange was up two sen to 47 sen after 47.05 million shares were done, for a market capitalisation of RM823.98 million.

The stock, which opened at 45 sen and hit an intraday high of 47 sen immediately after the midday break, was the most active on the local exchange today.

A remisier, who declined to be named, who noted there has been no recent announcements in relation to the stock, believed traders are trying to create an interest in the stock to attract more trading activity.

“It is to generate turnover...to gain profit out of it. You want to make money, they [traders] also want to make money,” he said.

DNex offers IT solutions and eServices, apart from its oil and gas-related activities. 

The stock has been sliding in the past one month, from when it was trading around 59 sen on July 27. Year-to-date, the counter has gained some 84%. Over the last 12 months, it has run up about 122.5%.