Stock With Momentum: Pesona Metro Holdings

This article first appeared in The Edge Financial Daily, on September 5, 2018.
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Pesona Metro Holdings Bhd (-ve)
Trading in shares of Pesona Metro Holdings Bhd (fundamental: 0.45/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the second time this week.

The stock rose 1.5 sen or 4.62% to close at 34 sen yesterday for a market capitalisation of RM236.28 million, after 29.77 million shares were traded, over 10 times higher than its 200-day average volume of 2.18 million shares.

Pesona Metro is primarily involved in construction and infrastructure works.

Yesterday, it announced that it has secured a contract worth RM264.3 million via a subsidiary, to build two blocks of serviced apartments in Bandar Sri Damansara, Petaling Jaya, Selangor.

The 32-month contract commenced on Aug 15 and will end on April 14, 2021.