GAMUDA Bhd, Malaysia’s second-biggest builder, jumped the most in three months, leading construction stocks higher on speculation they will benefit the most from a stimulus package that will be announced in March.
Shares of Gamuda surged 7.9 per cent to RM2.06 at 4.06 pm local time, set for the largest increase since November 10, making it the third-best performer on the benchmark Composite Index, which climbed 1.1 per cent.
Malaysian Resources Corp rose 11 per cent to 88.5 sen, the second-largest gainer, and IJM Corp added 2.2 per cent to RM3.74.
Malaysia is planning a second economic stimulus package for March 10 to prevent the economy from slipping into recession. It announced spending worth RM7 billion (US$1.9 billion) in November.
The country’s exports fell the most in almost seven years in December as electronics and commodities sales slid amid dwindling global orders, government data showed yesterday.
“People are playing the theme that the government will pump-prime, and the only way to pump-prime is infrastructure,” said Lye Thim Loong, who helps oversee about US$500 million at Avenue Invest Bhd in Kuala Lumpur. “People are taking a bet on the market.”
By Bloomberg
Friday, February 13, 2009
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