Stock With Momentum: Progressive Impact Corp

This article first appeared in The Edge Financial Daily, on April 25, 2018.
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Progressive Impact Corp Bhd (+ve)

SHARES in Progressive Impact Corp Bhd (Picorp) (fundamental: 1.55/3, valuation: 1.2/3) triggered our proprietary momentum algorithm yesterday for the third time this year.

The stock closed down one sen or 5.88% at 16 sen, giving it a market capitalisation of RM105.057 million. A total of 7.5 million shares changed hands versus the counter’s 200-day average volume of 1.21 million shares.

On April 12, Picorp announced the appointment of Usamah Zaid, who has been redesignated as non executive director from his previous position as executive director. Zaid joined Picorp in July 2010 and served as syariah adviser to the group.

The stock is currently trading at 0.12 times its book value based on its latest traded price.