(Bloomberg) -- A rally in Malaysian developers' shares is gathering pace as they head for the longest streak of gains this year.
Gromutual Bhd. soared as much as 22% to the highest level since October 2018, while Eco World Development Bhd., MCT Bhd. and Hua Yang Bhd. rose more than 5% each. The Bursa Malaysia Property Index climbed for a fifth day.
A vaccine rollout and an easing infection rate is brightening the outlook of one of the most battered industries in Malaysia. Developers are turning more positive on their outlook judging by higher sales targets for this year. The property gauge of 96 real estate firms last year posted its worst annual loss since 2018.
Technical indicators on the property index are suggesting a “new uptrend is unfolding” and “a new bull is about to be unleashed,” Maybank Investment Bank Bhd. said in a note. One of the bullish signs the report referred to was the property gauge climbing above the 50-week exponential moving average line for the first time since July 2017.
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