Malaysia Stocks: BLD, Hong Leong, SapuraCrest, Scomi, Telekom

Malaysia's Kuala Lumpur Composite Index (FBMKLCI) fell for a second day, losing 4.26, or 0.5 percent, to close at 890.34, its lowest close since Oct. 31. Forty-three stocks rose and 38 fell on the 100-member measure.

About 725 million shares changed hands in the market, higher than the three-month daily average of 517 million shares. November index futures added 1.1 percent to 887.50.

Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK) dropped 15 sen, or 1.8 percent, to 8.10 ringgit, its lowest level since Oct. 30. BLD Plantation Bhd. (BLDP) slid 34 sen, or 11 percent, to 2.66 ringgit, the most since Oct. 24. JPMorgan Chase & Co. cut its 2009 palm-oil price target to 1,580 ringgit ($440) a metric ton from 2,200 ringgit as its previous estimate was ``too bullish.''

Hong Leong Bank Bhd. (HLBK) rose 5 sen, or 1 percent, to 5.10 ringgit, its biggest advance since Oct. 31. Malaysia's sixth-biggest bank said fiscal first-quarter profit rose 29 percent to 242 million ringgit from a year earlier, boosted by higher net interest income. Revenue climbed 16 percent to 550.1 million ringgit, it said in a statement.

SapuraCrest Petroleum Bhd. (SCRES MK) rose 10 sen, or 12 percent, to 94 sen, the best performer on the benchmark Composite Index. The company is close to winning a $1 billion contract to install a pipeline and facilities in east Sabah state for Petronas Carigali Sdn., Royal Dutch Shell Plc and ConocoPhillips, the Edge Financial Daily reported.

Scomi Marine Bhd. (SMB) climbed 2 sen, or 5.9 percent, to 36 sen. The marine transport operator said third-quarter profit rose 39 percent to 20.4 million ringgit from a year earlier. Sales climbed 3.2 percent to 121.7 million ringgit, it said in a statement.

Telekom Malaysia Bhd. (T) fell 51 sen, or 15 percent, to 2.79 ringgit, its biggest decline since September 1998, on concern the company's dividend payout will fall next year. It was the largest decliner on the benchmark Composite Index. Malaysia's biggest fixed-line phone operator posted its first quarterly loss since December 2005 because of foreign-exchange losses and it expects 2008 to ``remain challenging.''

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur thchan@bloomberg.net

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

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