Malaysia Stocks: IOI, IJM, KL Kepong, Parkson, Top Glove, WCT
Malaysia’s Kuala Lumpur Composite Index (FBMKLCI) rose for a fourth day, adding 11.09, or 1.2 percent, to 933.32 at the 12:30 p.m. local time break, set for its highest close since Oct. 15. Fifty-two stocks advanced and 21 fell on the 100-member gauge. The measure’s January index futures climbed 1.4 percent to 940.50.
Plantation stocks: IOI Corp. (IOI) , Malaysia’s second-largest palm-oil producer, climbed 6 sen, or 1.4 percent, to 4.40 ringgit, set for its highest level since Sept. 26. Kuala Lumpur Kepong Bhd. (KLK) rose 50 sen, or 5 percent, to 10.50 ringgit. Sime Darby Bhd. (SIME) , the biggest palm-oil planter, added 20 sen, or 3.5 percent, to 5.85 ringgit. Palm oil futures in Malaysia advanced as much as 3.9 percent, extending a seven-day, 29 percent rally.
Bumiputra-Commerce Holdings Bhd. (BCHB MK) jumped 55 sen, or 8.5 percent, to 7.05 ringgit, set for its biggest gain since July 2003. It’s the best performer on the benchmark Composite Index. Credit Suisse Group told investors to buy higher so-called “beta” stocks such as Bumiputra-Commerce. The bank is the “highest beta institutional stock,” Credit Suisse said in a report today. Beta is an indicator of volatility.
IJM Corp. (IJM) , Malaysia’s third-largest builder by value, advanced 10 sen, or 3 percent, to 3.40 ringgit, set for the highest level since Oct. 23, after JPMorgan Chase & Co. raised its rating on the stock to “overweight” from “neutral.”
Parkson Holdings Bhd. (PKS) dropped 40 sen, or 9.4 percent, to 3.88 ringgit, set for its biggest decline since Oct. 24. Its Beijing-based department store chain unit, Parkson Retail Group Ltd., said sales growth slowed in the fourth quarter as China’s economy cooled.
Top Glove Corp. (TOPG) added 14 sen, or 3.5 percent, to 4.16 ringgit, on course for its highest level since July 9. The world’s largest rubber-glove maker said fiscal first-quarter profit rose 16 percent to 34.5 million ringgit from 29.8 million ringgit a year earlier. Sales increased 15 percent to 386.1 million ringgit, it said in a statement.
WCT Bhd. (WCT MK) slid 12 sen, or 9.3 percent, to 1.17 ringgit, set for its lowest close since Oct. 29. The stock is the biggest decliner on the benchmark Composite Index. The Malaysian engineering company said its worst-case direct loss from a racecourse contract in Dubai that was canceled is about 300 million ringgit.
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