Malakoff makes it to Syariah-compliant list

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KUALA LUMPUR (May 29): Recently-listed Malakoff Corporation Bhd has been included in the Securities Comission’s Syariah-compliant stock list, as were SapuraKencana Petroleum Bhd and Bumi Armada Bhd.

In a strategy note today, Public Invest Research said IOI Plantations Bhd was the most obvious casualty this time round, though it said that this had largely been anticipated by the investment community.

“The recent de-merger and spinoff of IOI Properties Group Bhd has left its total asset base a little short, disqualifying the company on the  financial benchmark testing.

“Selangor Properties Bhd is the other notable absentee,” it said.

The research house said the oil and gas sector saw the return of large-cap giant SapuraKencana while Bumi Armada was also included this time round.

It added that recently-listed Malakoff Corporation was also included, expanding the options in the Power sector.

At 9.37am,SapuraKencana rose 2.3% or 6 sen to RM2.67, Bumi Armada added 0.81% or 1 sen to RM1.24 while Malakoff gained 0.57% or one sen to RM1.77.

Meanwile, IOI Corporation Bhd shares fell 2.22% or 9 sen to RM3.96.