Stock With Momentum: Minetech Resources

This article first appeared in The Edge Financial Daily, on April 2, 2020.
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Minetech Resources Bhd (-ve)

Trading of shares in Minetech Resources Bhd (fundamental: 0.95/3, valuation: 0.3/3) triggered our momentum algorithm for the fifth time this year.

The last time the counter triggered the momentum algorithm was on Feb 14.

The engineering services company’s share price gained 12% or 1.5 sen higher to 14 sen yesterday, valuing it at RM129.02 million.

The counter saw 87.1 million shares traded on the market, exceeding its 200-day average trading volume of 4.47 million shares by nearly 20 times.

The counter was the eighth most actively traded counter on Bursa Malaysia yesterday.

The company has appointed Serba Dinamik Holdings Bhd co-founder Datuk Awang Daud Awang Putera as its executive chairman, succeeding Chin Kim Sang, who has been redesignated as executive director.

Awang Daud has been raising his shareholding in Minetech over the past two months since becoming a shareholder on Feb 11. He now owns a 4.78% stake in Minetech.