PASDEC (6912) - Stock With Momentum: Pasdec Holdings

Pasdec Holdings Bhd (+ve)

Pasdec Holdings Bhd (fundamental: 0.55/3, valuation: 0.9/3) has once again triggered our momentum stock algorithm after a 8% rise in its share price yesterday.

The share price was unchanged at 37.5 sen at the closing bell after climbing to its intraday high of 40.5 sen earlier. Trading volume was one million shares, compared with its 200-day average volume of about 87,637 shares.

Pasdec is 51.6% owned by Pahang State Development Corp. The surge in its share price recently could be due to the news that its external auditors had issued a qualified opinion last Friday on the company’s audited financial statements for the financial year ended Dec 31, 2015.

Meanwhile, the property developer announced that its group managing director Datuk Mohd Khairuddin Abdul Manan had been given a temporary leave of absence starting last Friday, amid a probe into possible mining-related corruption.

PASDEC (6912) - Stock With Momentum: Pasdec Holdings