Stock With Momentum: Xian Leng Holdings

This article first appeared in The Edge Financial Daily, on October 25, 2019.
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Xian Leng Holdings Bhd (+ve)
TRADING of shares in Xian Leng Holdings Bhd (fundamental: 1.2/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time this year.

The counter settled three sen or 5.66% higher at 56 sen, after 638,700 shares were transacted, about 10 times higher its 200-day average volume of 64,838 shares.

The company on June 27 said it had agreed with TH Mestika Sdn Bhd to mutually terminate a memorandum of understanding (MoU) to jointly develop a 500-unit multistorey flat in Ulu Melaka, Langkawi, Kedah under the 1Malaysia People’s Housing Programme.

The decision to discontinue the MoU was mutual, with it citing that both parties were unable to agree on the final terms of the definitive agreements.