Malaysian PM-linked stocks surge during morning trading

KUALA LUMPUR: Eden and Thriven Global shares emerged as the most actively traded in the morning session following the appointment of Muhyiddin Yassin as the Malaysia’s eighth prime minister.

At 10.30am, Eden jumped seven sen, or 35.89%, to 26.5 sen with 138.40 million shares traded, and its warrant doubled by four sen to eight sen with 38.46 million shares changing hands.

Thriven Global surged nine sen, or 40.90% to 31 sen, with 37.74 million shares traded while its warrant soared seven sen, or 280%, to 9.5 sen with 22.26 million shares changing hands.

Both counters are linked to Muhyiddin’s son Fakhri Yassin Mahiaddin.

In a research note today, Affin Hwang Capital Research said stocks such as Eden and Thriven Global which are linked to the prime minister’s son could see higher investor interests.

“Umno and MCA related counters could also be in favour – media companies Media Prima and Star come to mind,” it added.

Muhyiddin, 72, clocked in today to begin his day as Malaysia’s eighth prime minister following his swearing-in ceremony before the Yang di-Pertuan Agong Sultan Abdullah Sultan Ahmad Shah at the Istana Negara on Sunday.

The Yang-di Pertuan Agong appointed Muhyiddin as the new prime minister in accordance with Articles 40 (2) (a) and 43 (2) (a) of the Federal Constitution, replacing Dr Mahathir Mohamad who resigned last Monday.