Barefoot Investor: Malaysia shares Mah Sing jumps, shakes off jittery outlook

Shares of MAH SING GROUP BHD jumped in late morning on Wednesday, July 20, as analysts viewed the selldown since late last week as overdone.

At 11.41am, Mah Sing rose 23 sen to RM2.45, Mah Sing-CB added five sen to 25.5 sen. Another property player, SP Setia inched up three sen to RM3.78.

The FBM KLCI rose 6.83 points to 1,562.47. Turnover was 342.39 million shares valued at RM434.72 million. There were 381 gainers, 181 losers and 251 stocks unchanged.

CIMB Equities Research said sector leaders SP Setia and Mah Sing were sold down since last week on the back of The Edge's report on the possibility of a change in housing loan calculations from gross to net pay.

“Although we did expect the news to rattle investors, we are taken aback by the speed and severity of the selloff. The selldown is excessive as the jitters even spilled over yesterday to construction companies with property development exposure,” it said.

CIMB Research said investors should continue accumulating property stocks on weakness. It maintained its Overweight sector rating and an Outperform on all developers. “Mah Sing remains our top pick and SP Setia our core holding,” it said.(


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