KUALA LUMPUR (Aug 18): Shares of Malayan Cement Bhd (MCement), a 78.6%-owned subsidiary of YTL Cement Bhd, which in turn is a unit of YTL Corp Bhd, rose as much as 18% to an intraday high of RM4.10 on Friday (Aug 18) afternoon. The stock was among the top gainers on Bursa Malaysia.

As at 4.19pm, the counter pared some of its gains to trade at RM3.92, still up 45 sen or 12.97% from Thursday's closing of RM3.47. A total of 6.74 million shares were traded.

MCement shares have risen 88% so far this year.

MCement delivered a strong third-quarter net profit of RM63 million, a 247% year-on-year (y-o-y) increase, on the back of a 25% y-o-y growth in revenue to RM990.7 million.

Analysts have turned bullish on MCement as they see the cement maker as a direct beneficiary of the revival of major construction and property projects.

In a July 28 report, RHB Research said the latest news regarding the Kuala Lumpur-Singapore High Speed Rail, Johor Bahru-Singapore Rapid Transit System, Bayan Lepas Light Rail Transit, and Mass Rapid Transit 3 projects have lifted the property and construction markets’ sentiment, signalling potential pick-ups in Peninsular Malaysia’s construction activities for the next four to five years.

This would have a positive spillover for cement makers, it added.