K-Star share price hits six-month high

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KUALA LUMPUR (Oct 23): China-based sports shoes manufacturer K-Star Sports Ltd saw its share price rose as much as 11.54% to its six-month high in afternoon trade today.

K-Star is one counter that TheEdge Markets.com featured in its Stocks with Momentum list this afternoon.

As of 3.27pm, the counter was traded at 14.5 sen, up 1.5 sen or 11.54% with 3.48 million shares traded. The counter had earlier climbed to a high of 15.5 sen before settling at the current price.

The stock has been trading on an upward trend since last Wednesday.

A remisier told theedgemarket.com that there were some funds flow into the counter late last week which help to lend support to the share price.

Meanwhile, K-Star in August announced the company's loss for the second quarter ended June 30, 2014 (2QFY14) widened to RM5.88 million against RM3.66 million in the previous corresponding quarter.

Quarterly revenue fell by 11.3% to RM40.83 million compared to RM46.02 million a year ago.

For the cumulative six months, the company's revenue dipped 15.6% to RM76.18 million from RM90.3 million previously. Net loss expanded to RM9.52 million, more than doubled the net loss of RM3.58 million in the previous corresponding period.