Trader banks on penny stocks to win KenTrade Trading Challenge III
KUALA LUMPUR: A full-time trader has bagged the biggest prize at this year’s Kenanga Investment Bank Bhd’s (KIBB) KenTrade Trading Challenge III – by banking on penny stocks.
Mohd Fairi Che Wanik, 40, walked away with RM50,000 in cash and a round trip for two to Hokkaido after beating 25,000 other participants.
“The key to success in trading is to do your research, understand the sector you are looking to invest in, understand which company in that sector has a competitive advantage that is sustainable, look at undervalued companies and focus on long-term investments.”
Mohd Fairi amassed 15% of the RM100,000 cash provided by KIBB by the end of the Grand Challenge portion of the competition, which lasted less than a month.
The first runner-up, Teng Le Woi, amassed 8% of the RM100,000 cash given.
KIBB executive director and group equity broking business head Lee Kok Khee, who assured that there will be another competition next year, said the aim of the challenge was to create confidence among investors in the capital market.
“We wanted to educate the public in stock trading. We wanted to debunk that trading is scary and complicated,” he said in his speech prior to announcing the winner of the KenTrade Trading Challenge III yesterday.
The KenTrade Trading Challenge III featured two stages. The first stage, which was the Virtual Trading Challenge, ran from July 31 to Aug 25, with each participant receiving RM1mil in virtual money to trade with.
The top 10 qualified as finalists for the second stage, which is the Grand Challenge.
The Grand Challenge took place from Sept 4 to 29, where finalists traded shares with RM100,000 real cash each, by relying on live market feeds from Bursa Malaysia.
The winner is determined by his or her portfolio value and the amount of cash (realised profits) in their accounts. The challenge was opened to participants aged over 18 years old.
Separately, KIBB was awarded a certificate from the Malaysian Book of Records for organising the first live stock trading challenge.
The KenTrade Trading Challenge III was supported by Bursa Malaysia, AirAsia X, Atlan Holdings Bhd, Zon Duty Free and Duty Free International Ltd.