Stock With Momentum: Kronologi Asia

This article first appeared in The Edge Financial Daily, on August 23, 2018.
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Kronologi Asia Bhd (-ve)
Trading of shares in Kronologi Asia Bhd (fundamental: 2.1/3, valuation: 0.8/3) also triggered our stocks with momentum algorithm on Tuesday for the second time this month.

The counter closed up 3.5 sen or 4.64% at 79 sen, giving it a market capitalisation of RM286.42 million after 28.90 million shares were traded, over six times its 200-day average volume of 4.63 million shares.

The group, which provides on-site and off-site enterprise data management and data storage solutions, announced earlier this month it planned to raise up to RM22.84 million via a placement of up to 10% of its shares to third-party investors to be identified.

The proceeds raised would enable Kronologi Asia to expand its business. The group plans to accelerate market penetration by expanding its managed services by continuing with the development and offering of managed services-cum-transnational infrastructure for storage solutions in Asia.