Alam Maritim Resources Bhd (-ve)
Trading of shares in Alam Maritim Resources Bhd (fundamental: 0.95/3, valuation: 0.9/3) triggered our momentum algorithm on Monday for the third time since November 2019. The stock closed four sen or 27.6% higher at its near two-year high of 18.5 sen.
A total of 215.61 million shares crossed, 22 times more than its 200-day average of 9.61 million shares, making it Bursa Malaysia’s most actively traded stock of the day.
Alam Maritim was not the only counter to have netted gains yesterday with crude oil prices rising past US$70 (RM287.70) a barrel. Bursa Malaysia’s energy index, which tracks oil and gas-related shares, rose as much as 2.9% to its all-time high of 1,300.83 points in tandem with the uptrend.
Oil prices shot over 2% higher yesterday after the killing of top Iranian commander General Qassem Soleimani in an airstrike ordered by US President Donald Trump last Friday was said to have heightened concerns of a widening Middle East conflict that could disrupt oil supplies from the region.