IWC shares con­tinue gain, hit new high

New Straits Times - - Business - Amir Hisyam Rasid

KUALA LUMPUR: Iskan­dar Water­front City Bhd’s (IWC) shares con­tin­ued their climb and broke an­other record yes­ter­day.

IWC sur­passed its pre­vi­ous high set on Thurs­day af­ter surg­ing 30 per cent to close at RM2.28 from Thurs­day’s close of RM1.76. This gave the com­pany a mar­ket cap­i­tal­i­sa­tion of RM1.88 bil­lion.

It was the fourth top gainer on Bursa Malaysia with the sec­ond high­est trad­ing vol­ume of 113.98 mil­lion shares.

Jupiter Re­search di­rec­tor Nazarry Rosli ex­pects the stock to gain fur­ther on Mon­day.

“The stock broke its re­sis­tance level of RM1.80 and could the­o­ret­i­cally climb an­other 30 per cent on Mon­day. There was still a lot of buy­ing in­ter­est and this could con­tinue.

“How­ever, some profit-tak­ing ac­tiv­i­ties may come along the way... as the counter was in over­bought sit­u­a­tion,” he told NST Busi­ness.

IWC had sus­pended its trad­ing for three days from Mon­day and has gained mo­men­tum since an­nounc­ing its merger plan with ma­jor share­holder Iskan­dar Water­front Hold­ings Sdn Bhd on Wed­nes­day.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.