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KUALA LUMPUR (Sept 23): UEM Sunrise Bhd fell one sen or 0.8% on profit taking, after the stock rose amid speculation Malaysia will have an early general election next year.
Analysts said state-controlled UEM Sunrise was also in the spotlight, ahead of the country's Budget 2017 announcement this Oct 21.
Today, UEM Sunrise shares fell to RM1.18 at 11:25 a.m., for a market value of RM5.35 billion. The sixth most-active stock on Bursa Malaysia saw some 13 million shares traded.
Investors took profit, after UEM Sunrise shares reached their highest so far today at RM1.23.
According to Malacca Securities Sdn Bhd technical analyst Loui Low, UEM Sunrise shares' technical indicators "had shown a positive sign", amid speculation of an early election.
He said many government-linked companies' shares were actively traded on the early election theme.
“There is also the budget day that is coming in just a month’s time that triggered the trading activity,” Low said.
Bloomberg data shows that Malaysian Government investment arm Khazanah Nasional Bhd is UEM Sunrise's largest shareholder, with a 66.06% stake.
UEM Sunrise's second-largest shareholder is Lembaga Tabung Haji, with a 6.77% stake. — theedgemarkets.com
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