Stock With Momentum: MNC Wireless

This article first appeared in The Edge Financial Daily, on July 25, 2019.
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MNC Wireless Bhd (+ve)

TRADING of shares in MNC Wireless Bhd (fundamental: 1.2/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the third time this year.

The stock closed half a sen or 7.69% lower at six sen, with 5.4 million shares done, compared with the 200-day average trading volume of 591,282 shares.

On July 16, the company said it had inked a memorandum of understanding with Urban Setup Sdn Bhd to provide a transparent, secured and convenient mobile physical gold retail platform in Malaysia.

Urban is the licensee of the rights to the physical gold retail platform of SGPMX (M) Sdn Bhd.

MNC Wireless said the gold e-commerce retail platform, slated to be launched by end-2019, allows consumers to buy physical gold via the mobile application with a minimum fraction value of one sen.

It said the physical gold-backed mobile retail platform will enable gold bullion purchase to be accessible to the masses.