KUALA LUMPUR, March 18 (NNN-BERNAMA) — Shares linked to consumer products and services counters such as Ajinomoto (M) Bhd, Fraser & Neave Holdings Bhd, Nestle (M) Bhd and PPB Group Bhd were among the top gainers in Bursa Malaysia as at mid-morning.
A dealer said these counters were among the major beneficiary of the 14-day movement control order (MCO) imposed by the government to curb the spread of the COVID-19 outbreak in Malaysia.
“Prior to the MCO announcement by Prime Minister Tan Sri Muhyiddin Yassin on March 17, the public have began clearing the racks of supermarkets to pile up their stocks.
“While these stocks already have a strong footing in the domestic market, demand outlook are even brighter given heavier purchases driven by the global outbreak of COVID-19,” he added.
As at 11.38 am, Ajinomoto’s shares rose 66 sen to RM11.86 with 22,600 shares traded, Fraser & Neave gained 60 sen to RM28.60 with 14,800 shares traded, Nestle was 50 sen higher at RM136.00 with 17,900 shares traded and PPB Group increased 30 sen to RM16.04 with 161,800 shares transacted.