Bloomberg News

Malaysia Stocks: CIMB, IOI, Kim Loong Resources, Sime Darby

October 03, 2011

Oct. 3 (Bloomberg) -- Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 12:30 p.m. trading break in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI Index fell 28.48 points, or 2.1 percent, to 1,358.65, its second day of declines. The gauge dropped 12 percent in the last quarter, its steepest slide since the three months ended Dec. 31, 2008.

Banks: Hong Leong Bank Bhd. (HLBK MK) lost 3.4 percent to 9.83 ringgit, set for its steepest drop since Sept. 22. CIMB Group Holdings Bhd. (CIMB MK) declined 1.6 percent to 6.86 ringgit and Malayan Banking Bhd. (MAY MK) fell 2 percent to 7.84 ringgit.

Loan applications in August shrank 2.7 percent, the first decline since February 2010, statistics from the central bank showed. The banking industry was also cut to “market weight” from “overweight” at UOB-Kay Hian Holdings Ltd. on lower earnings growth prospects.

Plantation stocks: Sime Darby Bhd. (SIME MK) dropped 3.4 percent to 8.15 ringgit, bound for its steepest drop since Sept. 19. Kuala Lumpur Kepong Bhd. (KLK MK) fell 4.1 percent to 20.24 ringgit and IOI Corp. (IOI MK) declined 4.3 percent to 4.45 ringgit.

Palm oil dropped as much as 2.7 percent to 2,827 ringgit a metric ton in Malaysia, the lowest in almost a year.

Kim Loong Resources Bhd. (KIML MK), a palm oil and cocoa producer, climbed 1.5 percent to 1.99 ringgit, set for its steepest gain since Sept. 5. Kim Loong’s profit in the second quarter ended July 31 surged to 33.3 million ringgit ($10.4 million) from 11.9 million ringgit a year earlier, it said in a statement.

--Editor: Matthew Oakley

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: Darren Boey at dboey@bloomberg.net


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus