Luster Industries Bhd (-ve)
TRADING of shares in Luster Industries Bhd (fundamental: 2.1/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the second time this year.
The counter fell half a sen or 4.76% to close at 10 sen, after 16.1 million shares were transacted, 12 times more than its 200-day average volume of 1.28 million shares.
Last month, the company announced it bought a 51% stake in a local private company that is jointly developing a plot of land in Sepang, Selangor into a mixed development with an estimated gross development value of RM900 million.
The company, which specialises in plastic injection and moulding, has recently diversified into property development and is paying RM17.85 million for the stake in Jade Classic Sdn Bhd. Jade Classic has a joint venture agreement with Compugates Development and Mining Sdn Bhd, inked in 2017, to develop the 25.09ha leasehold, vacant agriculture land.