[Featured Stocks] Maniker and Harim Surge on Malaysia's Suspension of Chicken Exports

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[Asia Economy Reporter Lee Myunghwan] Poultry-related stocks such as Maniker and Harim are showing strong performance from the beginning of trading on the 24th. This is interpreted as an effect of Malaysia's decision to halt chicken exports starting in June.

As of 9:37 AM on the day, Maniker is trading at 2,105 KRW, up 21.33% (370 KRW) from the previous trading day. Its affiliate, Maniker F&N, is also trading at 5,330 KRW, up 12.21% (580 KRW). Harim is trading at 3,885 KRW, up 11.96% (415 KRW) compared to the previous day.

The day before, Malaysian authorities decided to stop exporting 3.6 million chickens per month starting in June, citing a sharp rise in domestic chicken prices due to the impact of the Ukraine war. Malaysian Prime Minister Ismail Sabri Yaakob expressed regret that some companies colluded to reduce chicken supply, causing price increases, and announced that measures such as export suspension were prepared at the cabinet meeting.

Since the outbreak of the Ukraine war, Malaysia has been striving to control food inflation as international grain prices and prices of feed and fertilizer have risen. Malaysian poultry farmers import 90% of their feed from Ukraine, Brazil, and Argentina.