Malaysian Stocks: Cypark, KL Kepong, Mudajaya Group, SP Setia on Astini News
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.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 21.87 points, or 1.6 percent, to 1,365.94, its lowest close since Aug. 13, 2010. The gauge has dropped 4.5 percent this week, the biggest weekly slide since October 2008.
Cypark Resources Bhd. (CYP) , an environmental and landscaping services provider, rose 3.2 percent to 1.60 ringgit, the largest advance since Aug. 12. Cypark and LG Electronics Inc. signed a preliminary agreement to develop a solar farm project in Malaysia, according to a stock-exchange statement.
Kuala Lumpur Kepong Bhd. (KLK) , a plantation company, dropped 2.4 percent to 20.70 ringgit, the most since Feb. 25, after the stock was downgraded at HwangDBS Vickers Research Sdn. to reflect weaker earnings prospects. HwangDBS cut the stock to "hold" from "buy" and reduced its price estimate to 22.60 ringgit from 25.35 ringgit, it said in a report today.
Mudajaya Group Bhd. (MDJ) , a builder, fell 11 percent to 1.87 ringgit, the steepest slide since Aug. 5, 2010, after saying its managing director, Ng Ying Loon, quit because of family commitments.
SP Setia Bhd. (SPSB) , Malaysia's biggest property developer, rose 0.7 percent to 3.08 ringgit, its biggest gain since Sept. 15. Profit in the third quarter ended July 31 rose 4.6 percent to 91.2 million ringgit ($28.8 million), according to a stock-exchange filing. The company is "highly confident" of meeting its full-year sales target of 3 billion ringgit, it said.
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
