MJPERAK (8141) - Stock With Momentum: Majuperak Holdings

Majuperak Holdings Bhd (-ve)

SHARES in Majuperak Holdings Bhd (valuation: 1.4/3, fundamental: 1.45/3) received an unusual market activity query by Bursa Malaysia yesterday after hitting an intraday high of 59.5 sen — its highest since 2008 — before closing 3.5 sen or 6.86% higher at 54.5 sen. It said it was unaware of any reason for the uptick.

Year to date, its shares have posted a gain of 109.62%. The counter triggered our momentum algorithm for the third time this year after seeing over 19.45 million shares traded yesterday, over 53 times its 200-day average volume of 362,656 shares.

Majuperak’s latest rally, which saw its share price nearly double to its current level from 31 sen on June 15, came amid the absence of corporate announcements.

RHB Retail Research said in a note dated June 29 that shares in the property developer had an upside, with immediate resistance level at the 55 sen level. “This is followed by the 61.5 sen level,” it said in a note.