Shares in once-ailing timber firm, Harvest Court Industries Bhd, rose to a nine-year high Mohd Nazifuddin Najib, the 28-year-old son of Prime Minister Najib Razak, emerged as a shareholder in the company.
The stock jumped 30.5 sen to RM1.18 on Tuesday, while the warrants rose by 30 sen a piece to close at RM1.05. The PN17 status slapped on Harvest since December 2009 was finally lifted the end of October, 2011.
"Market thrives on speculation and it is no harm for retailers to take a punt or two but be very careful, especially when it comes to PN17 or ailing firms revived solely by political interest," a research director at a large brokerage told Malaysia Chronicle.
"Scomi shares had also jumped miraculously when Abdullah Badawi was taking over from Mahathir Mohamad. But there are no such things as guaranteed profits. Cronies and the families of the political leaders should actually refrain from using their status to drive up speculative interest in their stock. This is not bad practice."
Najib's 28-year-old son stirs up a tsunami in the stock market
