KUALA LUMPUR (July 29): C.I. Holdings Bhd garnered some investor interest this morning, surging 4.3% in morning trade on news that its group managing director Datuk Johari Abdul Ghani was appointed as the deputy minister of finance.
Yesterday, Prime Minister Datuk Seri Najib Razak had announced a reshuffling of the cabinet ministers, which included the appointment of Johari, 51.
The counter rose as much as 10 sen or 4.3% to RM2.42 this morning.
C.I. Holdings (fundamental: 1.85; valuation: 0.6) is primarily involved in the manufacturing and trading of tapware and sanitary ware for large private and government linked developments. The group is also involved in the manufacturing and packing of all types of edible oils.
“Investors were probably excited about the appointment of the MD of C.I. Holdings to the cabinet, evidenced by the surge in its share price in the morning; however, its price seems to have normalised in the afternoon trade,” a remisier with a local investment bank told theedgemarkets.com.
Year to date, C.I. Holdings has gained 137.6%, outperforming the FBM KLCI which fell by 3.1%.
At 3.32pm today, the stock was trading at RM 2.34, erasing 3.3% of its earlier gains, with 119,500 shares changing hands.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)