KUALA LUMPUR: Shares of Genting Bhd and Genting Malaysia Bhd jumped today, fuelled by the government's relaxation on some movement restrictions for fully vaccinated people.
Genting opened 1.31 per cent or six sen higher to RM4.61 compared to yesterday's closing of RM4.55.
At closing, the stock rose 3.96 per cent or 18 sen to RM4.73 with 9.05 million shares traded, giving a market capitalisation (market cap) of RM18.34 billion.
Genting Malaysia opened 1.85 per cent or five sen higher to RM2.76 from yesterday's closing of RM2.71.
At the closing bell, the stock climbed 4.06 per cent or 11 sen to RM2.82, with 12.5 million shares changing hands, valuing it at RM16.75 billion in market cap.
Genting owns a 49.5 per cent stake in Genting Malaysia, according to the former's website.
Market observers said investors had weighed on encouraging sentiment from the relaxation for the casino and hotel operator's business.
Prime Minister Tan Sri Muhyiddin Yassin said on Sunday some Covid-19-driven movement restrictions would be relaxed from Tuesday for fully vaccinated people in eight states that had moved into Phase 2 and beyond of the National Recovery Plan (NRP).
The measures would allow dining in at restaurants, outdoor individual sports and interstate tourism, among others.
States in Phase 2 of the NPR are Penang, Perak, Pahang, Terengganu, Kelantan and Sabah.
Perlis, Labuan federal territory and Sarawak are already in Phase 3, according to reports.
Public Investment Bank Bhd, in a report eafrlier today, noted that Genting and Genting Malaysia's weightage in the FBM KLCI stood at 2.2 per cent and 1.6 per cent respectively.
Over the past one year, Genting shares had risen nearly 28 per cent to the current levels.
Genting Malaysia, meanwhile, had grown 4.06 per cent over the past 12 months.