Ahmad Zaki Resources Bhd (-ve)
TRADING of shares in Ahmad Zaki Resources Bhd (AZRB) (fundamental: 0.35/3, valuation: 2/3) triggered our proprietary momentum algorithm last Friday after the group saw 6.72 million shares crossed hands. This was more than double its average 200-day volume traded of 2.74 million shares.
The group’s shares had climbed to a two-month high of 34 sen, up 0.5 sen or 1.49% by the closing bell.
This was the day after it announced that its wholly-owned subsidiary Inter-Century Sdn Bhd would continue providing marine high speed diesel bunkering services to vessels of Petronas Dagangan Bhd’s (PetDag) customers.
The subsidiary had renewed its throughput agreement with PetDag, which would see it continuing its bunkering activities at the Kemaman Supply Base in Terengganu for five years until Dec 31, 2023.
AZRB said that it expects the contract to contribute positively to its future earnings.