DutaLand Bhd (+ve)
SHARES in DutaLand Bhd (fundamental: 0.95/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the third time this year.
The counter closed 4.5 sen or 7.2% lower at 58 sen, giving it a market capitalisation of RM490.75 million.
It saw some 42.5 million shares traded, compared with its 200-day average volume of 1.26 million shares.
The group announced on Tuesday it intended to dispose of close to 11,600ha of land to Boustead Plantations Bhd.
It said its wholly-owned subsidiary, Pertama Land & Development Sdn Bhd, had received a letter of intent from Boustead Plantations to acquire the land for RM750 million.
The land, which comprises 42 parcels, is located in the districts of Labuk and Sugut in Sabah.
http://www.theedgemarkets.com/article/stock-momentum-dutaland
