Bloomberg News

Malaysia Stocks: Guinness, JT International, KNM Group, Tenaga

October 10, 2011

Oct. 10 (Bloomberg) -- Shares of the following companies may have unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.

Malaysia’s FTSE Bursa Malaysia KLCI Index fell 3.01, or 0.2 percent, to 1,397.04, its first drop in four sessions.

Guinness Anchor Bhd. (GUIN MK) added 2.2 percent to 10.12 ringgit, the biggest gain since Sept. 27 and JT International Bhd. (RJR MK) rose 4.5 percent to 6.06 ringgit, after the government refrained from raising taxes for tobacco and alcohol in last week’s budget. JT International and brewer Guinness are beneficiaries, OSK Holdings Bhd. said in a report today.

KNM Group Bhd. (KNMG MK), an oil and gas services provider, slid 2.4 percent to 1.20 ringgit. KNM will miss its internal targets for this financial year after delays to a project with Peterborough Renewable Energy Ltd., it said in a statement.

Tenaga Nasional Bhd. (TNB MK), Malaysia’s biggest power producer, slid 1.7 percent to 5.29 ringgit, its biggest drop since Oct. 3. The government’s budget, aimed at alleviating the rising cost of living, will diminish any prospects for an increase in electricity rates this year, ECM Libra Capital Sdn. wrote in a report today. Tenaga’s full-year earnings results due on Oct. 28 may also miss consensus earnings because of higher fuel costs, Citigroup Inc. said in a separate report.

--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: Shiyin Chen at schen37@bloomberg.net


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