Pharmaniaga stock jumps the most in a year

Uncertain outlook: Pharmaniaga’s plant in Puchong. The group’s future seems uncertain beyond financial year 2021, considering that the government concession accounts for an estimated 50% of group revenue.

PETALING JAYA: The share price of Pharmaniaga Bhd recorded the strongest surge in 12 months led by temporary contract extension optimism, which Kenanga Research views as a “short-term reprieve” for the integrated pharmaceutical group.

The stock jumped 7.52% or 17 sen to RM2.43 yesterday, with nearly 1.42 million shares changing hands. Pharmaniaga’s intra-day high and low yesterday were recorded at RM2.62 and RM2.42, respectively.