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Hot Stocks YTL, AAX, Padini fall after exclusion from Shariah-compliant list

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Hot Stocks YTL, AAX, Padini fall after exclusion from Shariah-compliant list Empty Hot Stocks YTL, AAX, Padini fall after exclusion from Shariah-compliant list

Post by Cals Fri 30 May 2014, 19:46

Hot Stocks YTL, AAX, Padini fall after exclusion from Shariah-compliant list
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Friday, 30 May 2014 12:28

KUALA LUMPUR (May 30): YTL Corporation Bhd , AirAsia X Bhd and Padini Bhd saw a fall in share prices after the Securities Commission Malaysia (SC) released its updated Shariah-compliant list, which excluded the three companies.

At 12.13 pm, YTL declined 8 sen or 4.6% to RM1.67 with some 16.1 million shares done.

The stock had earlier fallen as much as 9 sen or 5.1% to a low of RM1.66, and was among the top decliners and top actives on the exchange.

Meanwhile, AirAsia X declined 1 sen or 1.3% to 76 sen with some 5.2 million shares done.

The stock had earlier fallen 1.5 sen or 1.9% to a low of 75.5 sen.

Padini fell 9 sen or 4.5% to a low of RM1.92 with some 1.3 million shares done.

In a note today, Public Investment Bank Bhd said that the selling pressure from the exclusion of the stocks should be less pronounced as most of the stocks excluded were not as widely-followed.

“Nonetheless, there may still be some pressures prevalent as the Securities Commission has removed the six-month grace period for securities trading in-the-money, with a new directive for immediate disposal,” said the research house.

Maybank Investment Bank Bhd noted that major additions to the list were Dutch Lady Milk Industries Bhd, IOI Properties Group Bhd, Malaysian Resource Corporation Bhd, Parkson Holdings Bhd, Tan Chong Motor Holdings Bhd and S P Setia Bhd.

On the other hand, stocks that were considered on the “border line”, but had retained their place in the list were SapuraKencana Petroleum Bhd, Petronas Chemicals Bhd, Perdana Petroleum Bhd, Old Town Bhd and Malaysian Airline System Bhd.

The SC yesterday released the updated list of Shariah-compliant securities approved by its Shariah Advisory Council (SAC).

“The list includes twenty-eight newly classified Shariah-compliant securities and excludes nine from the previous list issued in November 2013.

“The Shariah-compliant securities are well represented in the different business sectors,” said the SC.
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