Poultry stocks fly higher as investor confidence returns

by 5m Editor
26 January 2006, at 12:00am

MALAYSIA - The interest in poultry stocks heightened yesterday, with stocks such as Leong Hup Holdings Bhd and Emivest Bhd rising on heavy volume of 17.2 million and 13.9 million shares respectively. Duck breeder Emivest, which is controlled by Leong Hup, was also among the top gainers, surging 22.5 sen, or 33.09%, to 90.5 sen. Meanwhile, another top gainer Farm’s Best Bhd ended the day up 20 sen, or 4.90%, to RM4.28. “Seeing these stocks run up can only mean that investor confidence on poultry stocks has returned,” an economist said, adding that the threat of bird flu in the country had subsided and investors’ perception of the industry, in general, had improved. ”The stocks are attracting attention on positive earnings outlook for the industry,” another analyst added. He said the rally could also be attributed to a fall in commodity prices, especially for corn and soybean, used as ingredients in poultry feed. Source: The Star Online

5m Editor