Sarawak-related stocks hold firm
Published on: Saturday, May 07, 2016
Kuala Lumpur: Sarawak-related stocks on Bursa Malaysia are holding firm ahead of the upcoming 11th Sarawak State Elections.Construction companies including Cahya Mata Sarawak (CMSB), Sarawak Cable Bhd (SCB), Hock Seng Lee (HSL), KKB Engineering (KKB) and Naim Holdings, as well as timber stocks, Jaya Tiasa Holdings (JTiasa) and Ta Ann Holdings (TaAnn), which have been well supported since early this month, continued to trade on positive note today despite the rangebound market.CMSB ended Friday nine sen higher to RM3.97, SCB was up five sen to RM1.49, HSL gained two sen to RM1.84, KKB and JTiasa gained one sen each to RM1.63 and RM1.38, respectively, TaAnn perked two sen to RM4.74 while Naim rose 10 sen to RM2.30.
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Sarawak-based companies are expected to benefit hugely from the construction of the federal-funded Pan Borneo Highway as the Sarawak government requires local entities to have a 70 per cent equity lead in each of the consortia, with partners from Peninsular Malaysia.Based on reports, the Pan Borneo Highway, which covers 2,239 kilometres (km) in Sarawak and Sabah, is estimated to cost about RM29 billion.The 1,090km Sarawak section is estimated to cost about RM15 billion, and is expected to be completed by early 2023.Stay up-to-date by following Daily Express’s Telegram channel.
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A technical analyst said minor reversal signals emerged as the FBM KLCI finished 4.27 points or 0.26 per cent better at 1,649.36 Friday from Thursday's closing of 1,645.09. "The benchmark index may stage a firmer technical rebound next week to confirm a bullish reversal amid the oversold market, and sentiment could be better especially if the current government wins big tomorrow," he told Bernama. – Bernama
