PETALING JAYA: Counters linked to “helicopter man” Tan Sri Lim Kang Hoo propelled upwards yesterday on the back of a potential revival of the Kuala Lumpur-Singapore high-speed rail (HSR) project.
IWC went up to its one-year high of RM1.01, increasing 18.1% or 15.5 sen from its previous close. This was the first time the counter hit the RM1 mark since April 2 last year when it closed at RM1.06.
A total of 151.03 shares were traded. The counter faced its first resistance at 88 sen and its first support at 82 sen.
Ekovest closed 16.5% higher at 63.5 sen, with 196.9 million shares changing hands. Its first resistance was at 55.3 sen and its first support was at 53.3 sen.
Its warrants jumped 114.29% or eight sen from seven sen to 15 sen.
Lim is the founder and executive vice-chairman of IWC and the co-founder and chairman of Ekovest.
Prime Minister Tun Dr Mahathir Mohamad announced on Tuesday that Malaysia was exploring proposals aimed at reducing the cost of the HSR project.
He said the country would discuss the matter further with Singapore before the end of the project’s suspension period on May 31, 2020 during a joint-press conference with Singapore Prime Minister Lee Hsien Loong.
Construction counters have been on the rise in recent months, as punters bet on the potential revival of mega-infrastructure projects that came under scrutiny and were put on hold after Pakatan Harapan dethroned Barisan Nasional to form the government in May last year.
It was also previously reported that the revival of the East Coast Rail Link (ECRL) also drove the uptrend of construction stocks.
The construction of the 688-km long rail link was suspended last July after the new government found irregularities in the terms of the “lopsided” contract would cost between RM34.4bil and RM41.3bil.
The continuation of the project is expected to be ironed out by Dr Mahathir, who is scheduled to visit China from April 24 to 28 at the invitation of Chinese President Xi Jinping to attend the second Belt and Road Initiative summit.