9 stocks with momentum at Bursa Malaysia's

Highlighted 19 stocks with momentum at Bursa Malaysia's afternoon close today. One stock showed positive momentum while 18 stocks displayed negative momentum.

The stock with positive momentum was:

Ralco Corp Bhd – up 21 sen at RM1.13

The stocks with negative momentum were:

Bertam Alliance Bhd – up two sen at 16 sen

Cabnet Holdings Bhd – up one sen at 25 sen

Chin Hin Group Property Bhd – up two sen at 88 sen

Cuscapi Bhd – up four sen at 25 sen

Eastland Equity Bhd – up one sen at 14 sen

Fima Corp Bhd – unchanged at RM1.78

Key Asic Bhd – up half a sen at 11 sen

Kia Lim Bhd – up 1.5 sen at 37 sen

KYM Holdings Bhd – up half a sen at 40 sen

Malaysia Smelting Corp Bhd – up 24 sen at RM2.73

Pelikan International Corp Bhd – up 1.5 sen at 38 sen

Pelangi Publishing Group Bhd – up half a sen at 39 sen

Puncak Niaga Holdings Bhd – up three sen at 41 sen

Sapura Industrial Bhd – up 13 sen at 99 sen

Sarawak Cable Bhd – up four sen at 48.5 sen

Scope Industries Bhd – up 1.5 sen at 32.5 sen

Sealink International Bhd – up one sen at 18 sen

Widetech (Malaysia) Bhd – up 37 sen at RM1.62

The list of stocks with momentum is generated using a proprietary mathematical algorithm highlighting stocks with a build-up in trading volume and price. The algorithm differentiates between stocks that exhibit positive (+ve) momentum and negative (-ve) momentum.

This list is not a buy or sell recommendation. It merely tells you which stocks are seeing higher than normal volume and price movements.

The share price may move up or down from this point. But the "+ve" (suggesting a rising price trend on volume) and "-ve" (suggesting a falling price trend on volume) indicators should give readers a better idea of what the market is buying and when to sell. Note also that momentum generally only persists for a short period of time.

However, each stock has an accompanying fundamental score and valuation score to help readers evaluate the attractiveness of the stocks, if they want to ride the momentum.

Bursa Malaysia Securities Bhd has queried Grand Hoover Bhd due to the sharp rise in the price and volume of shares recently.

At 4.06pm, it was up 40 sen to RM1.76. There were 1.91 million shares done at prices ranging from RM1.47 to RM1.76.

Shares of the property development company had surged from 76 sen on Feb 2.

The regulator advised investors to take note of the company’s reply to the unusual market activity query which will be posted at Bursa Malaysia’s website when making their investment decision.

It directed the company to enquire with its directors, major shareholders and such other relevant persons whether there is any corporate development relating to your group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion.

It also queried the company whether there was any rumour or report concerning the business and affairs of the group that may account for the trading activity.

KLCI gives up most gains as glove makers retreat

The main index at Bursa Malaysia gave up some of its gains at the midday break today, as glove makers dominated the losers' list.

At 12.30pm, the FBM KLCI was up 1.96 points to 1,580.59. The index had earlier risen to a high of 1,586.06.

Gainers led losers by 463 to 306, while 716 counters traded unchanged. Trading volume was 4.16 billion shares valued at RM2.36 billion.

The gainers included Nestle (Malaysia) Bhd, Tasco Bhd, Seni Jaya Corp Bhd, Press Metal Aluminium Holdings Bhd, Woodlandor Holdings Bhd, Knusford Bhd, Sarawak Consolidated Industries Bhd, Telekom Malaysia Bhd and Techbond Group Bhd.

The actively trade stocks included Dagang NeXchange Bhd, Luster Industries Bhd, Trive Property Group Bhd, AT Systematization Bhd, Pasukhas Group Bhd, HB Global Ltd, Yong Tai Bhd and Sanichi Technology Bhd.

The decliners included Hartalega Holdings Bhd, Supermax Corp Bhd, KESM Industries Bhd, Top Glove Corp Bhd, See Hup Consolidated Bhd, Amtel Holdings Bhd, Genetec Technology Bhd and Kosssan Rubber Industries Bhd.

Reuters said Asian shares hovered near record highs today while oil edged closer to US$60 a barrel on hopes a US$1.9 trillion Covid-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.3% at 717.2 after climbing as high as 730.16 late last month, it said.

Hong Leong IB Research said tracking the rally on Wall Street and the allowance of all economic sectors to open (with tightening standard operating procedures) coupled with the road map of Malaysia's National Immunisation Plan, KLCI could still retest the stiff 1,600 psychological barrier in this Chinese New Year holiday-shortened week.

"However, further gains are likely to be capped amid elevated Covid-19 infections and the start of the February reporting season.

"Given the potential for volatility, a balanced portfolio remains appropriate.

"Hence, we would adopt a more balanced approach in our top picks with a combination of recovery plays, volatility, defensives, value and sold down pandemic beneficiaries," it said.

Parlo: Business not affected by the Myanmar coup

Parlo Bhd, a tourism management and service company, pointed out that the global migration service business is not affected by the Myanmar coup.

Executive Director Zheng Liansheng pointed out that as the situation remains stable and calm, there is no sign that the government's migration policy will change, and the company's business remains as usual.

In October last year, the company signed a final agreement with Myanmar Diamond Palace Group of Companies Ltd to provide tourism, ground handling, dormitories and medical inspections for migrant workers departing and returning from Myanmar.

Since the coup d'etat was launched on February 1, Myanmar is currently under the control of the military and is in a state of emergency.

Zheng Liansheng said in a statement today: "Nevertheless, we believe that migrant workers, who are often the only breadwinner of the family, will continue to work abroad and continue to take care of their families."

At the same time, Diamond Palace Chairman Datuk Thein Than assured that migrant workers working outside Myanmar and those planning to work overseas will not be affected by the current situation in the country.

"They have made great contributions to Myanmar through foreign exchange remittances."

He added: "At the micro level, this has a positive effect on the health care, entrepreneurship, education and overall economic development of the recipient family."

High Court To Deliver Verdict On Isa Samad's RM3m Graft Case On Wednesday

 KUALA LUMPUR (Feb 1): Former Felda chairman Tan Sri Mohd Isa Abdul Samad will know his fate on nine corruption charges involving RM3 million over the agency’s purchase of Merdeka Palace Hotel & Suites (MPHS) in Kuching, Sarawak,  this Wednesday (Feb 3).

High Court Judge Mohd Nazlan Mohd Ghazali will decide whether Mohd Isa, 71, who is also former Negeri Sembilan Menteri Besar  is guilty of the offence or not.

According to the court cause list, Justice Mohd Nazlan is expected to deliver his ruling at 9.30 am.

Mohd Isa was charged with nine counts of dishonestly receiving gratification for himself, in cash totalling RM3,090,000  from Ikhwan Zaidel, who is a board member of  Gegasan Abadi Properties Sdn Bhd (GAPSB), through his former special political officer Muhammad Zahid Md Arip, as gratification for helping to approve the purchase of the hotel by Felda Investment Corporation Sdn Bhd (FICSB) for RM160 million.

All the offences were allegedly committed at Level 49, Menara Felda, Platinum Park, No. 11, Persiaran KLCC near here  between July 21, 2014, and Dec 11, 2015. 

The charges were  framed under Section 16(a)(A) of the Malaysian Anti-Corruption Commission (MACC)  Act 2009, punishable under Section 24(1) of the same law, which provides a jail term of not exceeding 20 years and a fine of at least five times the bribe amount, or RM10,000, whichever is higher, upon conviction.

Hearing of the case began on Oct 8, 2019 with the prosecution calling 22 witnesses, including former Felda director-general Datuk Hanapi Suhada, former chief executive officer of FICSB Mohd Zaid Abdul Jalil,  Ikhwan and Muhammad Zahid.

On June 16 2020, Justice  Mohd Nazlan ordered Mohd Isa to enter his defence on nine corruption charges after finding the prosecution having successfully adduced  credible evidence proving each and every essential ingredient of the offence of  accepting gratification under Section 16 (a) (A) of the MACC Act.

The judge however discharged and acquitted Mohd Isa on one criminal breach of trust (CBT) charge over the hotel purchase for RM160 million without the approval of the Felda Board of Directors after finding that the prosecution had failed to prove prima facie case against him.

Mohd Isa  chose to give his sworn statement from the witness stand and his defence proceedings were held on Aug  17 last year.

In his testimony, Mohd Isa denied receiving RM3 million, in nine transactions, from  Muhammad Zahid, over the purchase MPHS in 2014.

“I never instructed Zahid (Muhammad Zahid) to ask Haji Ikhwan (Ikhwan Zaidel) to reward  me for helping to approve the purchase of MPHS,” he said.

On Sept 3 last year, the defence closed its case after calling six witnesses, including Mohd Isa’s former secretary, Zuraida Ariffin @ Shaari and former Special Officer, Kamar Bashah Shariff, with Mohd Isa called as the first witness.

On 24 Dec last year, during submissions at the end of the defence, counsel Datuk Salehuddin Saidin, representing Mohd Isa, said that the RM3 million was for Muhammad Zahid and his cronies and not for his client.

Deputy Public Prosecutor Afzainizam Abdul Aziz  argued that Zuraida's testimony showed that Muhammad Zahid had the freedom to enter Mohd Isa's room without anybody’s permission and his presence in the accused's room were also not recorded by Zuraida.

"This is enough to prove that Muhammad Zahid has easy access to the accused's room, and he could have easily entered the accused’s room to handover the money from Ikhwan as what he had testified. This clearly shows that  Zuraida did not see Muhammad Zahid handing over the money to the accused,"  he said.