Property counters hog the limelight as Forest City carrot excites investors

[superadmin]

PETALING JAYA: The stocks of listed property developers with exposure to Johor surged today following the government’s announcement of a plan to make Forest City, developed by China’s Country Garden, into a special financial zone.

UEM Sunrise Bhd, developer of Iskandar Puteri in Johor, hit an intraday high of 73.5 sen, up 9.7% or 6.5 sen, before paring its gains to end 4.5 sen or 6.7% higher at 71.5 sen, valuing the group at RM3.62 billion.

It was the fifth most active counter on Bursa Malaysia today with 97.9 million shares traded.

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