Bloomberg News

Malaysia Stocks: CIMB Group, IJM, MAA Holdings, RHB Capital

October 04, 2011

Oct. 4 (Bloomberg) -- Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 5 p.m. close in Kuala Lumpur.

Malaysia’s FTSE Bursa Malaysia KLCI Index fell 6.14 points, or 0.5 percent, to 1,361.38, its third day of losses.

Banks: CIMB Group Holdings Bhd. (CIMB MK) slid 1.2 percent to 6.82 ringgit, its lowest close since Sept. 26. RHB Capital Bhd. (RHBC MK) lost 1.8 percent to 6.57 ringgit.

Malaysian banks’ 2012 profit growth forecast was cut to 4.3 percent from 9.9 percent to reflect slower economic momentum, Desmond Ch’ng, an analyst at Maybank Investment Bank Bhd., wrote in a report today.

IJM Corp. (IJM MK), a builder, dropped 7.2 percent to 4.54 ringgit, its steepest decline since Sept 26. IJM was cut to “sell” from “hold” at UOB-Kay Hian Holdings Ltd., which said the stock’s “rich valuations” pose “downside risks.”

MAA Holdings Bhd. (MAA MK), an insurer, sank 18 percent to 40 sen, its lowest close since March 4, 2009. MAA joined the Bursa Malaysia’s watchlist of companies that need to complete a financial restructuring plan or risk being delisted, the exchange said in a statement today.

--Editor: Shiyin Chen

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


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