Stock With Momentum: Utusan Melayu (M)
Utusan Melayu (M) Bhd (-ve)
SHARES in Utusan Melayu (M) Bhd (fundamental: 0/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time this year.
Utusan Melayu’s share price gained nine sen, or 20.23%, to 53.5 sen yesterday, after 800,100 shares were traded versus the counter’s 200-day average volume of 21,970 shares. The group’s market capitalisation stood at RM59.24 million.
Utusan Melayu returned to profit in the third quarter ended Sept 30, 2017 (3QFY17) after suffering six consecutive quarters of losses, mainly due to the recognition of gain on disposal of land of RM31.5 million during the quarter.
It posted a net profit of RM31.45 million in 3QFY17, compared with a net loss of RM17.57 million a year ago.
Source: The Edge Markets