SLP Resources goes up as high as 8.3%

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KUALA LUMPUR (Oct 28): Plastic packaging manufacturer SLP Resources Bhd saw its stock rise as high as much as 8.3% today to 71.5 sen at 9.35am, from its opening price of 66 sen.

At 3.04pm, the stock retreated to 69.5 sen, with 4.39 million shares changing hands.

The stock has been steadily climbing since Nov 7 last year, when it was at 38 sen.

SLP has been picked by The Edge Research as its “stock with momentum” at 12.50pm today, giving it valuation and fundamental scores of 2.4 each. A score of 3.0 is the best to have, while the lowest score of 0.0 is the worst.

For the second quarter ended June 30, 2014 (2QFY14), SLP Resources reported an 8% jump in its net profit to RM2.51 million from RM2.33 million a year ago, on higher domestic sales volume for flexible plastic packaging products. Revenue also surged 15% to RM 45.44 million, from RM39.41 million.