Pentamaster, Shariah funds ready to pounce [$$bill]

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Pentamaster, Shariah funds ready to pounce [$$bill]


Pentamaster shares may get a boost next week when it gets included in the list of Shariah-compliant securities.


FYI, the list of Shariah-compliant securities is announced in the final week of May and November.


We could see the reverse effect of what happened on 29 Nov 2019 if Islamic/Shariah funds rush in to buy this top-rated tech stock that is a darling among fund managers and analysts.


Investors may recall 29 Nov 2019, the day when Penta tumbled 20% intraday after it was excluded from the list of Shariah-compliant securities (first time since Penta’s listing in 2003):



Penta collapsed to as low as RM3.74 from its previous day close of RM4.69, while volume surged with 137 million shares traded. It was said that Islamic/Shariah unit trust funds had to sell down Penta to comply with their Shariah investment mandate.



Source: https://www.thestar.com.my/business/business-news/2019/11/29/quick-take-pentamaster-falls-91-in-active-trade

Also read: Pentamaster active, tumbles on exclusion from shariah-compliant list (https://www.theedgemarkets.com/article/pentamaster-active-tumbles-being-exclusion-shariahcompliant-list )



Islamic/Shariah UT funds were among top investors in Penta. They collectively held about 30 million shares (as at 5 Apr 2019) as per 2018 annual report:




Now, a look at Penta’s latest 2019 annual report shows that these Islamic/Shariah funds are no longer invested:





I wouldn't be surprised at all if they re-emerge as top shareholders once Penta becomes Shariah-compliant again.


Join my Telegram channel for updates @worthystocks 

https://t.me/worthystocks


#PENTA


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