Friday 29 Mar 2024
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KUALA LUMPUR (March 9): Consumer and aviation stocks such as Heineken Malaysia Bhd, DKSH Holdings (Malaysia) Bhd and Malaysia Airports Holdings Bhd (MAHB) were among the top gainers on Bursa Malaysia on Wednesday (March 9) as investors reacted positively to news of Malaysia reopening its borders to international visitors from April 1.

The announcement by Prime Minister Datuk Seri Ismail Sabri Yaakob on Tuesday (March 8) has provided markets with some much-needed earnings clarity for a lot of businesses. Fully vaccinated travellers will be allowed to enter the country without quarantine from April 1, two years after borders were closed due to the Covid-19 pandemic.

At 11.16am, Heineken shares were up 52 sen or 2.5% at RM21.28, while DKSH shares rose 19 sen or 4.41% at RM4.50. MAHB shares edged up 18 sen or 2.97% at RM6.24.

In a note on Tuesday, CGS-CIMB Research said sectors that will benefit from higher foreign tourist arrivals are hotels and retail (via the real estate investment trust sector), consumer, gaming, transport, brewery and healthcare.

"Stocks that we like under this thematic play are MAHB, Genting Malaysia Bhd, Genting Bhd, Carlsberg Brewery Malaysia Bhd, Heineken, Bonia Corp Bhd, IGB REIT and IHH Healthcare Bhd," it added.

It noted, however, that the positive news is partially offset by concerns over the ongoing Russia-Ukraine war, rising inflation, labour shortage concerns, and political uncertainty.

CGS-CIMB Research is maintaining its end-2022 FBM KLCI target at 1,622 points. The benchmark index was down 0.35 points or 0.02% at 1,546.52 points at 11.18am.

Edited ByKang Siew Li
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