KUALA LUMPUR (Oct 16): Egg and poultry stocks rose in Monday morning trade after Prime Minister Datuk Seri Anwar Ibrahim announced during the Budget 2024 presentation last Friday (Oct 13) that temporary price controls on chicken and eggs will be lifted.
At the time of writing, Lay Hong Bhd, also among the top five active stocks, led the pack in percentage gains, rising 15.79% or 4.5 sen to 33 sen, translating into a market capitalisation of some RM240.6 million with 32.57 million shares changing hands.
This is followed by Leong Hup International Bhd, which rose 6.72% or four sen to 59.5 sen, valuing the company at RM2.29 billion. It also was among the top 20 active stocks with 17.33 million shares traded.
TPC Plus Bhd gained 4.76% or 1.5 sen to 31.5 sen, translating into a market capitalisation of RM102 million, with 1.2 million shares changing hands.
PWF Corp Bhd climbed 4.69% or three sen to 64 sen, while LTKM Bhd, which fell to a 10-month low after its RM336 million reverse takeover and egg business disposal deal fell through earlier in October, saw its shares rise 3.1% or four sen to RM1.33. CAB Cakaran Corp Bhd's share price ticked up 1.56% or one sen to 64 sen.
Teo Seng Capital Bhd, however, was unchanged at RM1.34 while QL Resources Bhd shed 0.54% or three sen to RM5.50.
While tabling Budget 2024 on Friday evening, Anwar — who also serves as finance minister — said current trends are showing that the supply of chicken and eggs has started to stabilise, and that current market prices are now below that of the control ceiling price.
"Thus, the temporary price controls will be lifted to enable the local market to function freely in ensuring the availability of chicken and egg supply in the market," he said.