Muhyiddin-linked stocks soar

KUALA LUMPUR (March 2): Stocks linked to newly-minted Prime Minister Tan Sri Muhyiddin Yassin – Eden Inc Bhd and Thriven Global Bhd – soared at the opening bell today.

Shares in Eden rose as much as 92.3% to an intraday high of 37.5 sen in early trade after opening at 35 sen from last Friday’s closing price of 19.5 sen. The stock was trading at 27 sen at 9.51am.

Similarly, Thriven shares opened higher at 42 sen today, nearly doubling last Friday’s closing price of 22 sen. It hit an intraday high of 48 sen in early trade. The stock has retreated to 31 sen at 9.56am.

The Edge Financial Daily reported today that politically-linked stocks associated with Muhyiddin and PKR president Datuk Seri Anwar Ibrahim showed contrasting trends last week in the run-up to the former’s appointment as the eighth prime minister.

Eden and Thriven are linked to Datuk Fakhri Yassin Mahiaddin, the son of Muhyiddin. Thriven is a property developer, while Eden is engaged in food and beverage and tourism operations.

Meanwhile, four Anwar-linked stocks namely MUI Properties Bhd, Malayan United Industries Bhd (MUI Group), Pan Malaysia Holdings Bhd and Advance Synergy Bhd (ASB), continued their downtrend at the start of the week.

ASB, MUI Group and Pan Malaysia each declined 29% to 13.5 sen, 5.6% to 17 sen and 9.1% to 10 sen, respectively, at market open. MUI Properties opened unchanged at 20 sen.

MUI Properties and Pan Malaysia are both members of MUI Group, whose board members include Datuk Farizon Ibrahim, according to their websites. Farizon, who is Anwar’s younger sister, also sits on the board of Pan Malaysia.

Source: TheEdgeMarkets