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Friday, October 16, 2009

IGB jumps as foreign interest returns

SHARES in Malaysian property firm IGB Corp jumped by as much as 20 per cent today on foreign buying.

By 4.36pm local time IGB shares were up 19 per cent at RM2.35 a share on volume of 20.18 million shares. The benchmark stock index was up 0.65 per cent.

“Foreigners are looking to buy property stocks in Malaysia.
The country itself is considered a laggard and property stocks are trading at a steep discount,” said a institutional dealer from a Malaysian brokerage.

Market talk that the company is looking to sell its hotel assets may have contributed to the sharp rise in the share price, she said.

By Reuters

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