Construction stocks to the fore on Bandar Malaysia revival

KUALA LUMPUR: Construction stocks advanced on Monday with Ekovest and Iskandar Waterfront City (IWC) taking the lead after the government revived the Bandar Malaysia development.

At 9.44am, the KLCI was up 5.42 points or 0.33% to 1,627.49. Turnover was 914.35 million shares valued at RM491.93mil. Advancers beat decliners nearly two to one or 338 gainers to 178 losers and 256 counters unchanged.

Asian stocks were steady as investors awaited the return of major financial markets from the Good Friday holiday, while oil prices spiked on a report the  is likely to ask all importers of Iranian oil to end their purchases or face sanctions, Reuters reported.

Equities markets were subdued, with MSCI's broadest index of Asia-Pacific shares outside Japan trading little changed.

The index was within reach of a nine-month peak scaled on Thursday after Chinese economic data beat expectations and eased concerns about the health of the world economy.

At Bursa Malaysia, IWCity rose 30 sen to RM1.32, Ekovest 25.5 sen to 92.5 sen and Ekovest-WB 24 sen to 42 sen while Ekovest-CT surged 14.5 sen to 21.5 sen.

Last Friday, the Prime Minister’s Office (PMO) announced that the government has decided to reinstate the Bandar Malaysia project.

The 483-acre Bandar Malaysia project (located on the site of the former Sungai Besi Air Force base) is estimated to generate RM140bil in gross development value (GDV) while attracting foreign direct investments.

Cement players Tasek rose jumped 29 sen to RM5.44 and Lafarge Malaysia added 18 sen to RM2.51.

DWL Resources was the top gainer, surging 39 sen to RM1.70. 

DWL appointed former CEO of Mass Rapid Transit Corporation Sdn Bhd Datuk Seri Shahril Mokhtar as its managing director. 

It had earlier announced it was teaming up with Gadang Holdings to jointly bid for infrastructure projects. Gadang added eight sen to 79.5 sen.

Gamuda advanced 18 sen to RM3.26 and MRCB eight sen to RM1.04.