IWCity and Ekovest active, up following mega infrastructure project optimism

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KUALA LUMPUR (April 19): Shares in Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd have risen this morning, following optimism over mega infrastructure projects such as the East Coast Rail Link (ECRL).

At 10:16am, IWCity was the most actively traded counter on Bursa Malaysia, up by 8.72% or 7.5 sen to 93.5 sen, with 79.5 million shares traded.

This is in comparison to its one-year high on April 10 of RM1.01, and its one-year low on Dec 18, 2018, of 37 sen. Its one-year average price stands at 60.2 sen.

Meanwhile, shares in Ekovest went up by 5.93% or 3.5 sen to 62.5 sen, with 43.99 million shares traded, constituting the third most traded counter on Bursa.

In contrast, its one-year high was 83.6 sen on April 19, 2018. The counter's one-year low was 42 sen on Dec 12, 2018, and its one-year average is 58.3 sen.

According to Bloomberg, Ekovest has a 12-month target price of 63 sen, with UOB KayHian maintaining a hold call on the stock as of April 16, with a target price of 63 sen.

Both counters have a common shareholder in the form of property tycoon Tan Sri Lim Kang Hoo.

IWCity was in the run-up to participate as the master developer for the Bandar Malaysia mixed-use development project, worth RM160 billion.

Tun Daim Zainuddin was reported to have said yesterday that the earlier achieved price reduction in the ECRL of RM21.5 billion to RM44 billion could be extended even further, once technical details between Malaysia Rail Link Sdn Bhd and China Communications Construction Co Ltd (CCCC) are ironed out.