KUALA LUMPUR (March 27): Green energy storage solutions provider Trive Property Group Bhd, which is the fourth most active counter so far today, jumped 10.25% to 21.5 sen, as investors speculate on whether a wind-solar power production deal would materialise from the company's earlier memorandum of understanding (MoU) inked with a Chinese firm.
At 3.56pm, the counter was trading at 20 sen after paring some gains, still up 2.56% or half sen, after 84.56 million shares were done.
According to SJ Securities senior remisier KC Goh, the stock is trading above the 120-day moving average, meaning that all the long-term funds are back to this stock, which will give it the necessary support on retracement.
He told theedgemarkets.com that technical charts showed that institutional buying constituted 90% of the buying.
"Some fund which has gone in earlier is seen doing some profit-taking at this point. Be wary of the market risk.
"Investors are speculating on the MoU with China's Guang Bo New Energy Co Ltd on wind-solar power (production) if the deal can materialise," he said.
On March 15, Trive Property said it planned to team up with Guang Bo in the areas of research and development, production, assembly, distribution and marketing of power generation systems including the off-grid/grid-connected wind power generation system and the wind-solar complementary power generation system.
Under the MoU, the two companies would work together to promote and sell final products to the local market and to import the balance to Organisation for Economic Co-operation and Development (OECD) and non-OECD countries.
At its current price, Trive Property is valued at RM260.64 million. The stock has grown 400% in a year.