Malaysia Stocks: Equine, Kinsteel, Star, Sunrise, UMW Holdings
Malaysia's Kuala Lumpur Composite Index dropped 1.4, or 0.1 percent, to 1,273.37, a fifth day of declines. The index is at its lowest since May 2. Almost two stocks fell for each one that rose on the 100-member benchmark index.
Equine Capital Bhd. (EQC MK), rose 1.5 sen, or 2.3 percent, to 68 sen, gaining the most since April 25, after the Edge reported businessman Lim Siew Choon bought an 11 percent stake in the Malaysian property developer.
Kencana Petroleum Bhd. (KEPB MK), the Malaysian provider of oil and gas engineering services, rose 4 sen, or 2 percent, to 2.04 ringgit, the highest since May 16. The company will sign a 500 million ringgit ($156 million) contract with Shell Oil and Gas Malaysia LLC and Sarawak Shell Bhd., for the fabrication of platforms for the Cili Padi oil and gas field, the Edge daily said, citing people it didn't identify.
Kinsteel Bhd. (KSB) , a Malaysian steelmaker, advanced 4 sen, or 2.5 percent, to 1.64 ringgit, the highest since May 14, on expectation the company will report higher profit in the first quarter from a year earlier. Malaysian steel companies are benefiting from an ``acute'' shortage of steel billets, Ng Sem Guan, an analyst at OSK Research Sdn, said by phone today. He has a ``buy'' recommendation on Kinsteel.
Star Publications (Malaysia) Bhd. (STAR) , rose 4 sen, or 1.1 percent, to 3.52 ringgit, gaining the most since May 21. The newspaper group said first-quarter profit climbed to 42.5 million ringgit from 34.5 million ringgit a year earlier.
Sunrise Bhd. (SUN MK), Malaysia's biggest condominium developer, fell 12 sen, or 5.2 percent, to 2.20 ringgit, making it the worst performer on the benchmark stock index. ``People are concerned about margin compression after two quarters of not so good results,'' Ong Chee Ting, an analyst at Aseambankers Malaysia Bhd. said. ``Going forward, margins will normalize so we expect better results from the fourth quarter,'' said Ong, who maintains a ``buy'' on Sunrise.
UMW Holdings Bhd. (UMWH) , the Malaysian car assembler, rose 15 sen, or 2.3 percent, to 6.80 ringgit, gaining the most since May 7. UMW said first-quarter profit jumped to 141.8 million ringgit from 80.3 million ringgit a year earlier as revenue surged. Sales in the period leapt to 2.99 billion ringgit from 2.01 billion ringgit, the company said in a statement.
To contact the editor responsible for this story: Nicolas Johnson at firstname.lastname@example.org.