Stock With Momentum: QL Resources
QL Resources Bhd (-ve)
TRADING of shares in QL Resources Bhd (fundamental: 0.8/3, valuation: 0.5/3) triggered our proprietary momentum algorithm yesterday for the third time since Oct 18.
A total of 6.68 million shares crossed, sharply higher compared with the counter’s 200-day average trading volume of 1.25 million shares.
The poultry stock closed at its intraday high of RM7.28 yesterday, up 19 sen or 2.68% from its last closing on Monday. Trading on Bursa Malaysia was closed for a day on Tuesday in conjunction with the Deepavali holiday.
From its closing of RM4.32 on Dec 29, 2017, QL’s share price has appreciated 67.4% on a year-to-date (YTD) basis, increasing its market capitalisation to RM11.81 billion.
The YTD share price performances of its peers pale in comparison. Although CCK Consolidated Holdings Bhd has gained 46%, Lay Hong Bhd and Teo Seng Capital Bhd have been down 60% and 21% respectively.
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