DNeX sees 7.46% stake traded off-market

  • Markets
  • Monday, 10 Apr 2017

New high for Dagang NeXchange Bhd

KUALA LUMPUR: E-commerce services provider Dagang Nexchange Bhd (DNeX), which was in the news recently after securing the “eWork Permit” project from the government, saw a 7.46% stake traded off-market on Monday.

Stock market data showed the stake, which accounted for 130 million shares, were crossed at 43 sen each. This was 2.5 sen below the previous close of 45.5 sen.

At 5pm, it was at a new high of 46 sen, up 0.5 sen. It was actively traded with 51.22 million shares done.

The warrants added 1.5 sen to 28.5 sen with 107.31 million units done.

DNeX has a paid-up of 1.74 billion shares.

In February, it was reported DNeX's “eWork Permit” involved the building of a new back-end system for Bukit Megah Sdn Bhd for the latter's rehiring programme.

DneX would be paid RM30 per transaction of “eWork Permit”, which is the name of the new back-end system to be set up for Bukit Megah’s rehiring operations.

CIMB Research had said in mid-Feb 2016, the government appointed three parties for the rehiring programme. Bukit Megah was picked for the registration of Myanmar illegal foreign workers (IFWs), IMAN for Indonesian IFWs and MyEG for other races. 

Bukit Megah and IMAN used its back-end system to register the IFWs. MyEG dominated by handling 95% of the total IFWs registration as only 5% IFWs registered were from Myanmar and Indonesia,” it said.

However, from Feb 15, 2017 onwards, all three parties could now register IFWs of all races. 

AmInvestment Retail Research had stated last Friday the upward trend of DneX was intact after sustaining above the 44 sen level following its recent multi-year high candle. 

“With the RSI level still below the 70 benchmark, a bullish bias is likely present above this point with a target price of 50 sen. However, it may consolidate further if it dips back below the 44 point in the near term. 

“Support is then anticipated at 38.5 sen, whereby traders may exit on a breach to avoid the risk of a further correction.  

"Trading Call: Buy on valid uptrend above 44 sen. Target: 50 sen (time frame: three to six week) while the exit is at 38.5 sen,” it said.
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