Malaysia Stocks: BLD, Maybank, SapuraCrest, Scomi, Telekom
Stock Chart for Telekom Malaysia Bhd (T)
Malaysia's Kuala Lumpur Composite Index (FBMKLCI) fell 10.05, or 1.1 percent, to 884.55 at the 12:30 p.m. local time break, set for its lowest close since Oct. 31. Fifty- two stocks fell and 21 rose on the 100-member measure. November index futures added 0.3 percent to 880.50.
Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK) dropped 15 sen, or 1.8 percent, to 8.10 ringgit, set for its lowest level since Oct. 30. BLD Plantation Bhd. (BLDP) slid 32 sen, or 11 percent, to 2.68 ringgit, headed for its biggest decline 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.''
Malayan Banking Bhd. (MAY) , Malaysia's biggest bank by assets, fell 10 sen, or 1.8 percent, to 5.40 ringgit, set for its lowest level since Oct. 31. The bank said it expects profit to fall for a second year as the worldwide economic slowdown heightens the risk of bad debts and makes it harder to sell loans. It also said in a statement fiscal first-quarter net income ended Sept. 30 fell 22 percent to 572.2 million ringgit from a year earlier.
SapuraCrest Petroleum Bhd. (SCRES MK) rose 7 sen, or 8.3 percent, to 91 sen, the biggest gainer 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 4.4 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 50 sen, or 15 percent, to 2.80 ringgit, set for 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.''
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