ViTrox shares hit record high as investors chase tech stocks

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KUALA LUMPUR (July 7): ViTrox Corp Bhd shares hit an all-time high today as investors continued to buy into tech stocks.

After hitting the high of RM10.46 in the morning, the stock pared some of its gains to close the day at RM10.18 for a gain of 58 sen or 6.04% from yesterday.

It was the day’s fourth biggest gainer on Bursa Malaysia.

Trading volume came in at 970,900 shares, significantly higher than its 200-day average trading volume of 240,586 shares.

An analyst who wished not to be named said the illiquid nature of ViTrox shares could easily send the counter up on minor interest.

“The phenomenon was helped by the fact that the investing fraternity worldwide has been in a search for tech stocks,” he added.

Moving forward, the analyst expects ViTrox to face rough 2Q results. But he anticipates decent odds of a stronger 2H for the company that will largely depend on the US-China trade war dynamics and post-Covid reopening.

According to Bloomberg data, six analysts covering the stock have given a 12-month average target price of RM7.22. There were four “sell” and two “hold” ratings for the stock.