SYF shares surge to 5-year high

KUALA LUMPUR Shares of SYF Resources Bhd, a home furnishing company, surged to their highest in more than half a decade after the company said it is in the final stages of talks for joint-venture property development projects.

The stock was up by nearly 30 per cent to 92 sen a piece, while its warrants hit limit-up close at 64.5 sen apiece.

Earlier in the day, SYF was questioned by Bursa Malaysia on the huge trading interest in the stock.

On Sunday, a leading Chinese daily reported that a senior government official's son will soon join the SYF group as a director.

That report sent punters chasing SYF shares throughout the day, hoping that the counter too will be a hot stock just like Harvest Court Industries Bhd, which had seen changes in sharehol-ders and at the board level.

Harvest Court shares have surged about 14 times this year, while during the same period, its warrants have gone up by about 29 times.

The stock rose 48 sen to RM2.13, while its warrants surged by 42 sen to RM1.81 yesterday.

The surging price of Harvest Court and SYF have brought back some retail interest in the stock market, dealers said.

They added that this had spilled over to other penny stocks, which are normally the pick of the retail players.

Meanwhile, SYF told Bursa Malaysia that since the recent completion of its restructuring, it has been sourcing for new business opportunities, which may contribute to the future growth of the company.

"At the same time, the board will also seek to identify and appoint new members who have the ability and capacity to contribute in all aspects of the group's operations and to ensure compliance with good corporate governance in the interest of the minority shareholders," it said.