KUALA LUMPUR (March 18): Hong Leong IB Research said Cahya Mata Sarawak Bhd’s (CMSB) share prices are likely to find a bottom near RM4.70.

In a trading idea note today, the research house said CMSB, an East Malaysia conglomerate is set to be the prime beneficiary of the forthcoming Sarawak state election, the implementation of the Pan-Borneo Highway as well as to benefit from SCORE-related development.

“The recent Ringgit’s rally should bode well for its cement and building materials division as most of its raw materials are transacted in US Dollar.

“A decisive breach above RM5.00 psychological barrier is crucial for a resumption of uptrend towards RM5.16-5.43 levels.

“Cut loss at RM4.67,” it said.