Good appetite for poultry stocks

MALAYSIA - Share prices on Bursa Malaysia staged a sharp technical rebound last Friday, the only trading day of the week after the Chinese New Year holidays. The sharp technical rebound was a catch-up play.

After bidding farewell to the year of the cockerel, share prices on Bursa Malaysia ushered in the year of the dog with a bang when the Kuala Lumpur Composite Index (KLCI) jumped 13.84 points, or 1.51 per cent, to close at 927.85 points last Friday.

Festive counters like Genting Bhd and Resorts World led the market momentum in sending the KLCI clear of its immediate overhead resistance of 920. The KLCI closed at 927.85 points last Friday, giving a week-on-week gain of 13.84 points, or 1.51 per cent.

The gain last week sent Bursa Malaysia to the top of gainers' list on the regional stock markets. Also, the rise on the first trading day, after the holidays was the best ever in 5 years. The positive mood displayed by the key heavyweight index-linked counters spread quickly to other second- and third-liners.

Farm's Best Bhd and Leong Hup Holdings Bhd led the technical recovery of almost all the second- and third-liners.

As such, key heavyweight index-linked counters, particularly the festive stocks and poultry-related counters like Farm's Best and Leong Hup lifted the overall market sentiment onto a feverish pitch last Friday.

Farm's Best daily price trend continued to rally to new high of RM4.70 before closing at RM4.68 last Friday, giving a week-on-week gain of 16 sen, or 3.54 per cent.

Source: tmcnet.com