Malaysia Builder Rally Hots Up as Pump-Priming Signs Appear Bloomberg 1 hr ago Chan Tien Hin
(Bloomberg) A rally in Malaysian builders is gathering pace in the wake of more contract wins and a revival in mega infrastructure projects in the country.
Kerjaya Prospek Group Bhd., one of Malaysia’s biggest contractors, said Friday it won its first job of 2021, sending its shares to a 20-month high this week. TCS Group Holdings Bhd. said that same day it secured its maiden infrastructure job linked to an expressway project. A gauge of 51 builders is up 16% from a Feb. 3 low, trouncing the FTSE Bursa Malaysia KLCI Index.
Malaysia Builder Rally Hots Up as Pump-Priming Signs Appear
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KUALA LUMPUR (April 9): Share prices of rubber glove manufacturers Hartalega Holdings Bhd, Supermax Corp Bhd and Top Glove Corp Bhd slumped in morning trade on Bursa Malaysia today on profit taking after rising yesterday as investors weighed the resurgence in the number of new Covid-19 cases globally.
At 9.40am today, Hartalega’s share price had fallen 23 sen or 2.27% to RM9.91, Supermax dropped 23 sen or 4.72% to RM4.64 and Top Glove was down 12 sen or 2.22% at RM5.28.
Among other glove manufacturers, Comfort Gloves Bhd’s share price dropped 10 sen or 4.24% to RM2.26, while Kossan Rubber Industries Bhd was down eight sen or 2.19% at RM3.58.
KUALA LUMPUR (April 8): Hartalega Holdings Bhd topped Bursa Malaysia gainers in morning trade today, while rival rubber glove manufacturers Supermax Corp Bhd, Top Glove Corp Bhd and Kossan Rubber Industries Bhd rose among leading advancers on bargain hunting and as the resurgence in global Covid-19 cases appeared to offer a fillip to the glove makers share prices.
At 10.33am today, Hartalega’s share price had jumped 66 sen or 7.14% to RM9.91, Supermax gained 44 sen or 10.92% to RM4.47, Top Glove rose 31 sen or 6.31% to RM5.22 and Kossan climbed 23 sen or 6.85% to RM3.59.
Rakuten Trade Sdn Bhd head of research Kenny Yee said the rise in the glove manufacturers’ share prices may be due to bargain hunting and the resurgence in Covid-19 cases globally.