Bloomberg News

Malaysia Stocks: IOI, Kwantas, Sime Darby, Kenmark Industrial

June 01, 2010

Malaysia’s FTSE Bursa Malaysia KLCI Index (FBMKLCI) fell 4.58, or 0.4 percent, to 1,278.39 at 9:26 a.m. local time, its second day of declines.

Plantation stocks: IOI Bhd. (IOI) , the nation’s second-largest publicly traded palm oil producer, dropped 1.2 percent to 4.89 ringgit, set for its biggest decline since May 26. Kwantas Corp. (KWAN MK) fell 1.2 percent to 1.70 ringgit. Sime Darby Bhd. (SIME MK) lost 0.8 percent to 7.66 ringgit

Crude oil dropped for a third day in New York, eroding the appeal of palm oil as an alternative fuel. Crude oil for July delivery dropped as much as 1.1 percent to $71.76 a barrel.

Kenmark Industrial Bhd. (KIC MK), a furniture maker, was the most active stock on the Kuala Lumpur stock exchange with 30.7 million shares traded. The stock slumped 8.3 percent to a record-low. Its shares will be suspended from June 8 after breaching stock exchange rules by failing to submit its quarterly earnings for the three months ended March on time.

To contact the reporters 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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