Bloomberg News

Malaysia Stocks: Axiata, Astino, Bolton, ECM Libra, PJI

March 29, 2010

Malaysia’s FTSE Bursa Malaysia KLCI Index (FBMKLCI) rose for a sixth day, adding 4.23, or 0.3 percent to 1,323.44 at 9:48 a.m. local time, set for the highest close since March 10. That’s the longest stretch of gains since Nov. 10.

Trading on the stock market was delayed by 30 minutes because of a “problem” with the price feed dissemination, said Bursa Malaysia Bhd., the stock exchange manager.

Axiata Group Bhd. (AXIATA) , Malaysia’s second-biggest mobile phone operator, rose 1.6 percent to 3.90 ringgit, set for the steepest advance since March 1. Axiata Chief Executive Officer Jamaludin Ibrahim said it may pay a dividend with proceeds from its planned PT XL Axiata stake sale.

Astino Bhd. (ASTI) , a Malaysian building materials maker, jumped 11 percent to 67 sen, set for the steepest advance since June 8. The company said net income in the second quarter ended Jan. 31 more than tripled to 5.8 million ringgit ($1.8 million) from a year earlier as sales and profit margins increased and finance costs slid.

Bolton Bhd. (BOL MK), a Malaysian property developer, rose 2.9 percent to 71 sen, headed for the highest close since Aug. 14, 2009. The company said it agreed to buy 5.5 acres of land in Kuala Lumpur for 39 million ringgit. The company plans to build “high-end” serviced apartments worth 280 million ringgit in gross development value on the land, it said in a statement.

ECM Libra Financial Group Bhd. (ECML) , a stockbroker and corporate finance group, gained 4.6 percent to 69 sen, on course for the biggest increase since Dec. 24. The company said it posted a profit of 13.1 million ringgit in the fourth quarter ended Jan. 31 compared with a loss of 3.5 million ringgit a year earlier after revenue surged.

PJI Holdings Bhd. (PJIH) , an engineering services group, slid 6.3 percent to 7.5 sen, set for the largest drop in a week. The company said it plans a rights offer to raise as much as 22.3 million ringgit to fund working capital and pare debt. It also plans a capital reduction to help cut accumulated losses, it said in a statement.

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: Linus Chua at lchua@bloomberg.net


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