Taib-linked stocks dip on his passing

TheStar Thu, Feb 22, 2024 12:00am - 1 month View Original


Analysts believe that his demise has brought about an “understandable knee-jerk reaction” from investors.

PETALING JAYA: A number of companies linked to former Sarawak chief minister Tun Abdul Taib Mahmud saw their share prices slide following his passing early yesterday morning, although a few managed to buck the trend.

Taib and his associates owned significant portions of several entities on Bursa Malaysia and analysts believe his demise has brought about an “understandable knee-jerk reaction” from investors, albeit a short-term one.

Some more notable names that experienced a share price pullback include building materials manufacturer Cahya Mata Sarawak Bhd (CMS), dipping one sen to close at RM1.02 at the bell yesterday, while oil and gas group Dayang Enterprise Holdings Bhd shaved off seven sen to settle at RM2.23, although the latter has seen its stock post a 39% increase year-to-date.

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