PM-linked stocks see trading swell, sin stocks under pressure

1 min


65
11 shares, 65 points

PETALING JAYA: Eden Inc Bhd and Thriven Global Bhd saw a surge in investor interest today, following the appointment of Tan Sri Muhyiddin Yassin as Malaysia’s eighth Prime Minister over the weekend.

At the noon break, Eden shares had settled at 26.5 sen, 7 sen or 35.9% higher than its closing price of 19.5 sen last Friday, with 171.7 million. The shares had risen as much as 92.3% to an intraday high of 37.5 sen in early trade after opening at 35 sen.

Likewise, Thriven shares were 11 sen or 50% higher at 33 sen at 12.30pm, with a turnover of 57.3 million shares. The counter had opened 90.9% higher at 42 sen, from its close of 22 sen last Friday, with an intraday high of 48 sen seen in early trade.

Eden and Thriven are linked to Datuk Fakhri Yassin Mahiaddin, the son of Muhyiddin. Thriven is a property developer, while Eden is engaged in food and beverage and tourism operations.

Conversely, ‘sin’ stocks such as Carlsberg Brewery Malaysia Bhd and Heineken Malaysia Bhd and consumer stocks such as Nestle (Malaysia) Bhd and Dutch Lady Milk Industries Bhd topped the losers list on Bursa amid fears of change in governing policy under the new government, as well as the spread of Covid-19.

Carlsberg was the top loser this morning, with its share price plunging as much as 11.43% to RM28.20 in early trade, the lowest since Dec 24, 2019. At the noon break, the group’s shares shed RM2.84 or 8.92%, ending at RM29.

Heineken’s share price dived to almost a year low at RM21.72 this morning, tumbling as much as 14.82% in early trade. At 12.30pm, the brewer’s shares were at RM23.18, RM2.32 lower on 699,000 shares done.

Nestle lost RM2.70 or 1.89% to end at RM140.30 at 12.30 pm. The counter had opened 2.7% lower at RM139.10. Meanwhile, Dutch Lady shares had opened 3% or RM1.30 higher at RM43.84, from last Friday’s close of RM42.54.

However, it tumbled to an intra-day low of RM41.70, before rebounding slightly but still 74 sen lower at RM41.80 by the noon market close, with 7,700 shares done.

Gaming counters were also impacted as Magnum Bhd and Berjaya Sports Toto Bhd (BToto) dropped to their lowest levels since June last year.

Magnum’s share price went down as much as 15 sen or 6.22% at RM2.26, the lowest since June 4, 2019. At 12.30pm, the counter was 9 sen or 3.73% lower at RM2.32.

At the opening bell, BToto’s share price fell 2 sen to RM2.49, before sliding 5.2% lower to an intraday low of RM2.38. At the noon break, BToto shares were 12 sen down to RM2.39, with 1.37 million shares exchanging hands.


Like it? Share with your friends!

65
11 shares, 65 points

What's Your Reaction?

hate hate
16
hate
confused confused
8
confused
fail fail
2
fail
fun fun
20
fun
geeky geeky
18
geeky
love love
12
love
lol lol
14
lol
omg omg
8
omg
win win
2
win

Read exclusive latest news on entertainment, music, gaming and more topics with unprecedented coverage from around the UK and US.

0 Comments

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.