Malaysia Stocks: IOI, KL Kepong, Parkson, Top Glove, WCT

Malaysia’s Kuala Lumpur Composite Index (FBMKLCI) rose 12.09, or 1.3 percent, to 934.32 at 9:23 a.m. local time, set for its highest close since Oct. 15. 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 14 sen, or 3.2 percent, to 4.48 ringgit, set for its highest level since Sept. 24. Kuala Lumpur Kepong Bhd. (KLK) rose 20 sen, or 2 percent, to 10.20 ringgit. Palm oil futures in Malaysia jumped 7.8 percent yesterday, extending a six-day, 20 percent rally.

Parkson Holdings Bhd. (PKS) dropped 44 sen, or 10 percent, to 3.84 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 8 sen, or 2 percent, to 4.10 ringgit, on course for its highest level since Sept. 10. 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 10 sen, or 7.8 percent, to 1.19 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.

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

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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