Malaysia Stocks: Gamuda, Hock Seng, Tanjong, Tenaga Nasional
Stock Chart for Gamuda Bhd (GAM)
Malaysia's Kuala Lumpur Composite Index (FBMKLCI) rose for a second day, adding 8.65, or 1 percent, to close at 918.16, its biggest gain in a week. Three stocks climbed for each that fell on the 100-member measure. October index futures added 0.1 percent to 913.
Banks: AMMB Holdings Bhd. (AMM) , Malaysia's fifth-largest bank, rose 9 sen, or 4.3 percent, to 2.21 ringgit, its biggest advance since Sept. 19. Bumiputra-Commerce Holdings Bhd. (BCHB MK), the No. 2 lender, gained 10 sen, or 1.4 percent, to 7.35 ringgit, the most since Oct. 14. Malaysia's banking industry isn't in a crisis and it has ample liquidity, Second Finance Minister Nor Mohamed Yakcop said today.
Bintai Kinden Corp. (BKC) climbed 3 sen, or 7.7 percent, to 42 sen, its largest gain since Sept. 23. The Malaysian builder named Lim Boon Soon, 50, as chief executive officer. Lim was previously chief operating officer of Landmarks Bhd., a developer, and chief financial officer of ECM Libra Bhd., the statement said.
Gamuda Bhd. (GAM) rose 11 sen, or 7.3 percent, to 1.61 ringgit, rebounding from a four-day, 21 percent slump. It's the second-best performer on the Composite Index. The stock's 14-day relative strength index, which shows how rapidly prices have advanced or dropped, has been below 30 each day since Oct. 14, the level that some investors use as a trigger to buy.
Hock Seng Lee Bhd. (HSL) jumped 6 sen, or 11 percent, to 60 sen, the highest since Sept. 24. The builder won an order valued at 452.1 million ringgit ($128 million) to supply a wastewater treatment system in the east of the country.
Tanjong Plc (TJN MK) advanced 30 sen, or 2.8 percent, to 10.90 ringgit, the most since Oct. 3. Investors should buy the power and gaming group because its earnings are ``resilient'' enough to withstand a slowing economy, Citigroup Inc. said. The brokerage rated the stock a ``buy'' with a share-price estimate of 18 ringgit.
Tenaga Nasional Bhd. (TNB) fell 5 sen, or 0.8 percent, to 6.45 ringgit. Citigroup Inc. said in a report today it expects the nation's biggest power producer to report weaker earnings for the next two fiscal years because of higher coal costs. It rated the stock as ``sell'' with a share-price estimate at 6.50 ringgit.
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