PETALING JAYA (Nov 20): Trading volume on Technodex Bhd is picking up again with the stock emerging among the top 10 most actively traded shortly after the opening bell today. As at 11.45 am, 8.66 million shares had changed hands.
Its share price, however, dropped one sen or 4% to 24 sen apiece.
Technodex was yesterday featured by The Edge Research as a stock with momentum, twice in the past 10 days.
The stock was first featured on Nov 10 after its surging volume lifted share price to a three-year high of 23 sen. Since Nov 10, its share price has traced to a low of 22.5 sen before rebounding on higher trading volume.
The stock hit an intra-day high of 25.5 sen before closing at 25 sen yesterday, with over 34.1 million shares changing hands.
The Edge Financial Daily reported today there was no overt catalyst for the renewed investors’ interest since Nov 10.
The company had announced a number of corporate exercises, which included acquiring stakes in several private companies including a proposed acquisition of a 55% stake in Idealseed Resources Sdn Bhd, an employment and consultancy services firm, for RM2.2 million.