Minetech Resources Bhd (-ve)
TRADING of shares in Minetech Resources Bhd (fundamental: 0.95/3, valuation: 0.3/3) triggered our momentum algorithm yesterday for the sixth time this year. The last time the counter triggered our momentum algorithm was Wednesday.
The engineering services company’s stock closed 10.71% or 1.5 sen higher at 15.5 sen apiece, after 77.38 million shares were traded — making it the 10th most actively traded stock on Bursa Malaysia yesterday. This trading volume is about 16 times the counter’s 200-day average of 4.91 million shares.
The stock has been climbing in the past four days. On Tuesday, the company announced that Serba Dinamik Holdings Bhd’s co-founder Datuk Awang Daud Awang Putera had been appointed its executive chairman, replacing Chin Kim Sang, who had been redesignated as the company’s executive director.
Awang Daud first emerged as a shareholder of Minetech on Feb 11, and has been building his stake in the company since. According to the latest bourse filings, he now has 160.44 million shares representing a 17.42% stake in Minetech.