YTL Shares Surge By Some 9% As Sought After AI Counters

Shares of YTL Power and YTL Corporation rose to new highs on Monday as investors piled into artificial intelligence (AI) stocks.

YTL Power, which bought Nvidia chips last year for its upcoming data center in Johor, saw its shares rise 39 sen or 8.82% to hit an intraday high of RM4.81 at lunch break on Monday.

Trading volume increased to 31.98 million shares at noon, accounting for 92% of the two-month average daily trading volume of 34.84 million shares.

YTL Corporation, which owns 48.98% of YTL Power, also rose 5.61% or 17 sen to hit an intraday high of RM3.20. About 34.5 million shares traded in early trading, accounting for 86% of the 39.9 million shares traded in the two months.

Gains in the two stocks on Monday lifted Malaysia’s benchmark KLCI index up 6.54% and is currently trading near a two-year high of 1,581.7 points.

YTL Power is currently the 10th largest company on the KLCI with a market capitalization of RM39.04 billion, while YTL Corporation is ranked 13th with a market capitalization of RM35.1 billion.

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