IFCA MSC Bhd (-ve)
TRADING of shares in IFCA MSC Bhd (fundamental: 2.7/3, valuation: 1.1/3) triggered our momentum algorithm yesterday for the eighth time this year after the trading volume surged eight times to 102.48 million versus the counter’s 200-day average of 12.55 million shares. It was the most actively traded stock in yesterday’s trade.
It saw its share price close half a sen or 0.92% lower at 54 sen.
Last month, IFCA MSC entered into a non-legally binding memorandum of understanding with Huawei Services (Hong Kong) Co Ltd to jointly explore DevOps, cloud artificial intelligence, big data, and innovative technology knowledge-sharing projects.
Meanwhile, Michael Cho Ngai Ming stepped down as chief executive officer (CEO) for the group on Sept 30, citing personal reasons. He had been in the position for only 18 months since he was appointed on Jan 19, 2018. For the time being, executive chairman Yong Keang Cheun would assume the functions of CEO.