Bloomberg News

Malaysia Stocks: Bank Islam, Malaysian Resources, Maybank

August 11, 2009

Malaysia’s FTSE Bursa Malaysia KLCI Index (FBMKLCI) was little changed at 1,186.58 at 9:40 a.m. local time.

Bank Islam Malaysia Bhd. (BIMB) , the country’s oldest Islamic bank, dropped 1.7 percent to 1.14 ringgit. The company has been recently exploring options to expand in the region, the company said. It was responding to a report in Malaysia’s Business Times Aug. 10 that it was in talks to buy a controlling stake in PT Bank Muamalat Indonesia. Bank Islam has not concluded any agreement on expanding its business, the company said, without naming acquisition targets.

Malaysian Resources Corp. (MRC) , a real-estate developer, gained 4.2 percent to 1.49 ringgit, set for the highest close since May 23, 2008. The company is starting a 2.14 billion ringgit ($609 million) property development in the capital, the Edge Financial Daily reported. The project will include a shopping mall, three office towers and a hotel, the newspaper said, citing Managing Director Shahril Ridza Ridzuan. The development is located within the Kuala Lumpur Sentral transport hub, the report said.

Malayan Banking Bhd. (MAY) , or Maybank, Malaysia’s biggest bank, dropped 0.7 percent to 6.72 ringgit, set for the largest decline since July 30. It is on course to be the third- worst performer on the benchmark index today. The bank had its stock rating cut to “reduce” from “hold” at BNP Paribas, which said there is “better value” elsewhere as the company’s “defensive attributes have come to pass.”

Scomi Marine Bhd. (SMB) , a Malaysian tug and barge company, jumped 10 percent to 64 sen, set for the biggest gain since May 19. The company said second-quarter profit jumped 55 percent to 22.5 million ringgit from a year earlier. Its parent Scomi Group Bhd. (SGB) gained 11 percent to 64.5 sen.

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net


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