GETS, KTB SHARE PRICES SURGE
Stocks see heavy trading on Mirzan factor and speculative play, says analyst
SHARES of Express bus companies GETS Global Bhd and Konsortium Transnasional Bhd (KTB) saw heavy trading and hefty gains yesterday.
GETS’ shares surged as much as 19.3 per cent yesterday. It has been on an upward trend since the loss-making company announced the appointment of Mirzan Mahathir to its board last Thursday.
It was the third most active stock on Bursa Malaysia yesterday, with 67.59 million shares traded.
The stock opened at 33.5 sen and hit 41.5 sen at 9.10am. It closed 4.48 per cent higher at 35 sen, with 67.59 million shares traded.
On Friday, GETS shot up nearly 160 per cent to close at 33.5 sen.
KTB, which lists former Proton Holdings Bhd chairman Tan Sri
Mohd Nadzmi Mohd Salleh as its major shareholder, soared as much as 123.6 per cent yesterday.
The stock hit 19 sen at 9.30am from its opening of 8.5 sen before settling 106 per cent higher to 17.5 sen.
KTB was the most activelytraded stock on Bursa Malaysia, with a total volume of 124.75 million shares.
“At this moment, the strong interest seen in GETS is because of the Mirzan factor, while the strong interest in KTB is merely speculative in nature,” said stock market analyst Nazarry Rosli.
“Investors are buying the shares due to the link KTB has with GETS, being in the same business. Still, investors interested in buying into these two companies should be very alert.”
Mirzan is the eldest son of Prime Minister Tun Dr Mahathir Mohamad.
He has been executive chairman and chief executive officer of venture capital firm Crescent Capital Sdn Bhd since 2007.
Mirzan also holds directorships in a number of public and private firms, including Petron Corporation.
GETS has been making losses for the past six consecutive quarters. For the second quarter ended December 31 last year, its net loss narrowed to RM1.35 million from RM7.98 million in the same quarter last year.
Similarly, KTB has been posting losses for the past six consecutive quarters.
It posted a wider net loss of RM13.48 million in the third quarter ended December 31 last year from a net loss of RM2.27 million in the same quarter a year ago.