KUALA LUMPUR, May 15 — Main market debutant, Malakoff Corporation Bhd, dominated the list of most active counter today but profit taking, amid cautious sentiment, emerged to trim gains.
The independent power producer's share price traded within a narrow range of RM1.78 and RM1.84.
At 3.52pm, it declined to RM1.79, one sen lower than its offer price of RM1.80 with 257.77 million shares changing hands.
Affin Hwang Investment Bank Vice-President and Head of Retail Research Datuk
Dr Nazri Khan said investors turned cautious over reports that the company was exploring opportunities to buy power assets, including those from 1Malaysia Development Bhd.
However, he said the trend was expected to be temporary as Malakoff's fundamentals remained strong and was expected to benefit from the 11th Malaysia Plan.
"The company is the biggest IPP in Malaysia and Southeast Asia in terms of total generation capacity.
"It is also expected to benefit from the 11th Malaysia Plan whereby there will be a lot of projects that will contribute to the increase in electricity demand," he told Bernama.
To date, Malakoff's total effective power generation capacity stood at 6,036 megawatts while effective water production capacity was at 358,850 cubic meter per day as of March. — Bernama
