Stock With Momentum: MNC Wireless

This article first appeared in The Edge Financial Daily, on August 16, 2019.
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MNC Wireless Bhd (-ve)

MNC Wireless Bhd (fundamental: 1.2/3, valuation: 0.3/3), whose shares fell half a sen or 6.25% to 7.5 sen yesterday, made it into our Stocks with Momentum list for the fifth time this month.

It saw 27.95 million shares traded, about 22 times the counter’s 200-day average volume of 1.27 million shares.

MNC is a mobile and digital solutions company that offers services ranging from mobile apps, website to social media apps development.

On July 16, it 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, it said, was the licensee of the rights to the physical gold retail platform of SGPMX (M) Sdn Bhd.

The gold e-commerce retail platform is slated to be launched by end-2019 and will allow consumers to buy physical gold via the mobile app with a minimum fraction value of one sen, it said.