Market Reactions to Johor Sultan's Holdings: A Closer Look at Stock Performances

In a prior post (link: https://cutt.ly/WwEKvXlJ), I discussed stocks connected to Johor Sultan. With his new role as YDPA, these stocks may experience advantages. Consequently, let's review a selection of stocks to gauge their performance following the announcement that Johor Sultan will assume the role of YDPA on October 27, 2023.

Johor Sultan Ibrahim's confirmation as the nation's 17th YDPA significantly influenced the stock market. The stocks of three listed companies directly held by Sultan Ibrahim experienced an enthusiastic reception from investors, with notable upward trends observed throughout the trading session.

A detailed analysis of the Bursa Malaysia filings revealed the listed companies directly under Sultan Ibrahim's ownership, including $BJASSET / 3239 (BERJAYA ASSETS BERHAD), $BJFOOD / 5196 (BERJAYA FOOD BERHAD), and $REDTONE / 0032 (REDTONE INTERNATIONAL BERHAD). As of October 3, 2022, the Sultan holds substantial stakes in these companies, with sizeable percentages of equity.

BJASSET opened at 31 sen and soared to a high of 34 sen, marking an impressive 11.4% increase. By the afternoon, it was trading at 31 sen, showing a 1.6% increase. REDTONE showcased a positive trend, surging from 73 sen to 75 sen, achieving a 4.2% increase, closing at a 2.8% increase to 74 sen. Meanwhile, BJFOOD displayed a steady increase, trading within a narrow range throughout the day. It closed at 71 sen, marking a 1.5 sen increase.

On the other hand, stocks related to property tycoon Tan Sri Lim Kang Hoo, previously deemed 'Johor Sultan concept stocks,' witnessed a decline due to notable selling pressure. $IWCITY / 1589 (ISKANDAR WATERFRONT CITY BERHAD) faced considerable profit-taking on the 27th, slipping from 65.5 sen to 62.5 sen. $EKOVEST / 8877 (EKOVEST BERHAD) 's performance saw fluctuations, ranging between 47 and 49 sen, ending at 48 sen.

The impact of Sultan Ibrahim's direct holdings on the market is evident, with certain stocks experiencing favorable responses from investors, while others faced a more challenging trading day.