CSL (5214) - China Stationery jumps on PN17 uplift

CSL (5214) - China Stationery jumps on PN17 uplift

KUALA LUMPUR (Nov 27): China Stationery Ltd ( Valuation: 0.90, Fundamental: 1.50) jumped as much as three sen or 21% after the firm said it was no longer a Practice Note 17 (PN17) entity under Bursa Malaysia regulations.

China Stationery rose to its highest so far today at 17 sen. At 10:30am, the stock pared gains at 15.5 sen for a market value of RM191.1 million.

The most-active stock on the exchange saw some 115 million shares done.

Yesterday, China Stationery said Bursa would uplift the company from the PN17 category today.

China Stationery said Bursa's decision followed China Stationery's three consecutive quarters of net profit.

Today, Bursa said in a statement China Stationery had regularised its financials and operations.

"Bursa Securities ( Valuation: 1.70, Fundamental: 2.30) would like to emphasise that it will continue to monitor the progress of PN17 companies in respect of their compliance with the listing requirements," Bursa said.