Shares of national car maker Proton Holdings surged 13.7 percent in afternoon trade on Friday on foreign investor interest, dealers said.
"We heard some foreign investors are accumulating the stock," said an institutional dealer at a leading Malaysian brokerage.
"Our research team has also a buy call on the stock, with a target price of 2.50 ringgit. There is nothing new (to influence buying on the stock) apart from the electric car deal it announced this week and our buy call is mainly based on valuations," said the dealer.
Proton entered into a manufacturing deal with Netherlands-based Detroit Electric earlier this week to allow the latter to use its Gen.2 and Persona car models as platforms for its electric cars.
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