Stock With Momentum: Acoustech
Acoustech Bhd (-ve)
Acoustech Bhd (fundamental: 1.40/3, valuation: 0.90/3) made it into our Stocks with Momentum list yesterday for the first time this year.
The stock closed one sen or 2.22% lower at 44 sen after trading volume spiked to 2.74 million shares. In comparison, its 200-day average trading volume was 597,085 shares.
On Dec 29, 2018, the group said it planned to develop a five-storey luxury hotel and a block of affordable serviced apartment worth a combined gross development value of RM80.5 million on two pieces of land in Melaka.
Acoustech said its wholly-owned subsidiary Teras Eco Resources Sdn Bhd had executed two memoranda of understanding for the proposed projects.
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