Day of volatile trading on Bursa Malaysia

Three counters hit limit-up while seven hit limit-down

PETALING JAYA: Several politically-linked stocks on Bursa Malaysia went on a wild ride yesterday, driven by the market volatility in the first day of trading post-14th general election (GE14).

Three counters linked to the new Pakatan government leaders hit limit-up and were among the most actively traded stocks.

Opcom Holdings Bhd, a manufacturer of fibre optic cables and cable-related products, hit the maximum allowed rise for a day as the counter surged by nearly 50% or 30 sen to 90.5 sen.

Prime Minister Tun Dr Mahathir Mohamad’s son, Datuk Seri Mukhriz Mahathir, is one of the main shareholders of this company while his brother Tan Sri Mokhzani Mahathir is the chairman and executive director at the firm.

Another penny stock Thriven Global Bhd jumped by 30 sen or 120% to 55 sen.

Thriven, which is linked to Datuk Fakhri Yassin Mahiaddin, who is the son of Tan Sri Muhyiddin Yassin, is involved in property development with projects across Peninsular Malaysia.

Property developer Country Heights Holdings Bhd also hit limit-up, going up by 32 sen or nearly 30% to RM1.40 as trade closed yesterday.

It is worth noting that the group’s founder and executive chairman Tan Sri Lee Kim Yew has criticised the mismanagement of 1Malaysia Development Bhd prior to GE14.

Meanwhile, seven stocks, mostly dependent on government contracts with heavy exposure to the construction sector, hit limit-down yesterday.

Among them are George Kent Malaysia Bhd (GKent), Ahmad Zaki Resources Bhd and MyEG Services Bhd.

GKent was the biggest loser on Bursa Malaysia yesterday, falling RM1.18 or nearly 30%. The company is the project delivery partner for the Light Rail Transit project from Bandar Utama to Klang.

Construction outfit Ahmad Zaki Resources Bhd (AZRB) also hit limit-down as the stock dropped by 30 sen or 41.67% to 42 sen.

The mid-cap player is currently involved in the Mass Rapid Transit 2 project and is the developer of the East Klang Valley Expressway.

MyEG, well-known for its political connections with the previous ruling party, was down by 77 sen or 30% to RM1.81 at the close of trading.

The e-government services provider is also involved in rolling out the goods and services tax (GST) monitoring programme nationwide.

Limit-up refers to the maximum amount by which the price of a stock may advance in a single trading session while limit-down refers to the maximum price drop allowed.

The price band for stocks priced below RM1 on Bursa Malaysia is 30 sen with stocks priced at RM1 and above at 30%.