Damansara Realty Bhd (-ve)
TRADING of shares in Damansara Realty Bhd (fundamental: 2.1/3, valuation: 1.5/3) triggered our momentum algorithm yesterday for the fourth time in less than four months. The stock closed one sen or 1.91% higher to 53.5 sen yesterday, with 10.76 million shares done, compared with the counter’s 200-day average volume of 1.14 million shares.

On Feb 26, the group said Putrajaya Corp cancelled a project to build 1Malaysia Civil Servants Housing units and related commercial components in Precinct 5, Putrajaya in line with the government’s move to unify the development of affordable homes under the ministry of housing and local government.

Its group managing director Brian Iskandar Zulkarim said it respected the decision by Putrajaya Corp.

Recall that on Nov 30, 2015, Damansara Realty signed the agreement with Putrajaya Corp to develop the project, which comprises 1,350 residential units and 45 commercial units, at a gross development cost of RM467.3 million.