Shares of cement makers decline on news there's no price hike

-A +A

KUALA LUMPUR (June 20): Shares of cement makers saw declines during mid-morning trade today following yesterday's news that there would be no rise in cement prices.

At Bursa Malaysia's midday break, Lafarge Malaysia Bhd declined 2.43% or nine sen to RM3.62 — with 385,100 shares traded — giving it a market capitalisation of RM3.08 billion.

Meanwhile, its 52-week high was on June 13, 2019, when it closed at RM4.34, while its one-year low was on Dec 21, 2018, at RM1.80.

However, Tasek Corp Bhd dipped 0.18% or a sen to RM5.51 — with 15,900 shares traded — giving it a market capitalisation of RM681.15 million.

Tasek Corp shares hit a one-year high on July 12, 2018, when it closed at RM7.20. The stock's one-year low was on Dec 21, 2018, at RM4.05.

Shares of Hume Industries Bhd, whose wholly-owned subsidiary Hume Cement Sdn Bhd manufactures the material, were 2.63% or three sen lower at RM1.11, with 2.11 million shares done, giving the group a market capitalisation of RM536.98 million.

The group's shares hit their one-year high of RM1.58 on June 13, 2019. The counter's one-year low on Jan 22, 2019 at 47 sen.

This comes in as Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail told the press that the decision to not increase cement prices was reached on Tuesday.

During the meeting, cement makers were reminded to discuss any future price hike with the government as cement is a price-controlled item.