IWC shares continue gain, hit new high
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.