Bloomberg News

Malaysia Stocks: Asia Media, Eastern, IGB, VTI Vintage

April 03, 2012

Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI Index (FBMKLCI) rose 0.2 percent to a record 1,606.63. The gauge has climbed 1.4 percent in the past four days.

Property stocks: IGB Corp. (IGB) fell 1.1 percent to 2.75 ringgit, its lowest close since March 15. Eastern & Oriental Bhd. (EAST) lost 1.3 percent to 1.53 ringgit, while Wing Tai Malaysia Bhd. (WING) retreated 2.5 percent to 1.56 ringgit.

Malaysia is taking “strict measures” to prevent banks from over-lending to property companies to avoid a U.S.-style subprime mortgage lending crisis, Deputy Finance Minister Donald Lim told reporters in Kuala Lumpur today.

Asia Media Group Bhd. (AMGB) , an advertising services provider, climbed 4.6 percent to 34.5 sen, its steepest increase since Feb. 22. The company proposed to transfer its listing to the Main Market from the ACE market, it said in a stock-exchange filing.

VTI Vintage Bhd. (VTI) , a construction company, plunged 60 percent to 2 sen, a record low. A plan to restore the company’s finances was rejected by the stock exchange, according to an exchange filing. Its shares will be suspended from April 10 and delisted on May 4 if there is no appeal submitted against the regulator’s decision, VTI said.

To contact the reporter on this story: Gan Yen Kuan in Kuala Lumpur at ykgan@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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