Stock on the Move : Anzo falls 18% on profit taking activity

KUALA LUMPUR : Shares of Anzo Holdings Bhd fell 10 sen in heavy trading today on possible profit taking activity following last week's announcement over a letter of intent (LOI) involving RM1.3bil worth of construction jobs.



The stock was last traded at 45 sen as at 12:15PM on Monday, or its largest intraday decline in more than a year with an 18% fall during the morning trading session. It had peaked at 63 sen last Friday before steadily declining thereafter.



Turnover for Anzo's shares was heavy at 69.9 million shares, making it the third top traded counter today in terms of volume.


Its company issued warrant, Anzo-WA, fell five sen to 19.5 sen today with a turnover of 14 million shares.



The fall may have been due to short term profit taking activity, particularly given the stock's volatile characteristics in recent weeks. Anzo's shares rose by a whopping 130% between March 1 and April 13, making it one of the top performing small cap counters over the past month.



On April 13, Anzo, formerly known as Harvest Court Industries Bhd, announced its receipt of the LOI from KL Northgate Sdn Bhd over a proposed construction of a commercial building and associated works.



The contract was estimated to be worth RM1.21bil, according to a stock exchange filing made by the company.



According to the filing, Anzo's major shareholder and managing director Datuk Chai Woon Chet is also a major shareholder and executive director in KL Northgate.


Stocks on the Move