Friday 29 Mar 2024
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KUALA LUMPUR (Feb 25): Shares of Carlsberg Brewery Malaysia Bhd and Heineken Malaysia Bhd rebounded strongly this morning to be amongst the top gainers on the local bourse after the sharp sell-off on Monday.

At the time of writing, Carlsberg rose RM1.04 or 2.97% to RM36.00, topping the gainers list, while Heineken rose 24 sen or 0.85% to RM28.60.

Both stocks rebounded after losing a combined RM2.03 billion in market capitalisation yesterday.

Carlsberg’s share price closed RM3.98 or 10.22% lower at RM34.96, its largest one-day drop since Aug 5, 2009 (-10.89%), while Heineken shares closed 8.63% or RM2.68 lower at RM28.36, its largest single-day fall since June 24, 2013 (-9.87%).

That gave Carlsberg a market capitalisation of RM10.69 billion, while Heineken was valued at RM8.57 billion.

According to The Edge Financial Daily today, profit-taking was expected for the two counters after they hit all-time highs last Friday (Feb 21), but yesterday’s sharp fall was also due to a selldown on Bursa Malaysia following political turmoil in the country that started during the weekend.

Both breweries had announced stellar performance for the year ended Dec 31, 2019 (FY19). Carlsberg reported its highest-ever annual net profit of RM291.02 million and declared total dividends of RM1 per share.

Heineken, since changing its financial year end in 2016 to Dec 31, saw its highest full-year net profit at RM312.97 million, and declared total dividends of RM1.08 a share.

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