Eden and Thriven in limelight as new PM clocks in for duty

KUALA LUMPUR: The two stocks Eden Inc Bhd and Thriven Global Bhd, which are said to be associated with newly appointed Prime Minister Tan Sri Muhyiddin Yassin bucked the market downtrend. The two counters jumped to their highest levels in a year after the eighth premier clocked in for duty yesterday.

Eden shares closed at 27 sen yesterday which is four sen higher than its previous one-year high of 23 sen on Jan 24, with its trading volume ballooned to 205.17 million shares — the highest level since May 2018.

This was after its share price leaped as much as 92.3% to an intraday high of 37.5 sen in early trade. It opened 15.5 sen higher at 35 sen from last Friday's closing price of 19.5 sen.

Similarly, Thriven Global Bhd ended the day 43.2% higher at 31.5 sen. Trading volume soared to record high of 69.61 million units traded. Its last one-year high was 25 sen on Mar 19, 2019.

The stock opened higher at 42 sen, nearly doubling last Friday's closing price of 22 sen. It hit an intraday high of 48 sen in early trade.

Eden and Thriven are linked to Datuk Fakhri Yassin Mahiaddin, the son of Muhyiddin. Thriven is a property developer, while Eden is engaged in food and beverage and tourism operations.

The caution sentiment did not curb the interest in the two counters, although FBM KLCI declined 15.70 points to 1,466.94 — the lowest since December 2011. The FBM KLCI has lost 64.26 points since Tun Dr Mahathir Mohamad resigned as the seventh prime minister last Monday.

Another group of politically-linked stocks, which are perceived to be associated with PKR president Datuk Seri Anwar Ibrahim, however showed contrasting trends.

The four Anwar-linked stocks namely MUI Properties Bhd, Malayan United Industries Bhd (MUI Group), Pan Malaysia Holdings Bhd and Advance Synergy Bhd (ASB), continued their downtrend yesterday.

ASB, MUI Group, MUI Properties and Pan Malaysia each declined 28.95% to 13.5 sen, 5.56% to 17 sen, 5% to 19 sen and 22.73% to 8.5 sen, respectively.

Datuk Farizon Ibrahim sits on the board of both MUI Properties and Pan Malaysia, according to their websites.