Malaysia Stocks: Faber Group, Lityan, Scomi Marine, Time
Malaysia’s FTSE Bursa Malaysia KLCI Index (FBMKLCI) rose 4.97, or 0.4 percent, to 1,247.29 at 9:30 a.m. local time, set for the biggest increase since Oct. 23.
Faber Group Bhd. (FAB) , a property developer, climbed 5.7 percent to 1.12 ringgit, set for the biggest increase since Aug. 10. The company said third-quarter profit rose 47 percent to 19 million ringgit from a year earlier. Sales climbed to 197.8 million ringgit from 163.2 million ringgit, the company said in a statement.
Lityan Holdings Bhd. (LIT MK), a telecommunications services provider, rose 11 percent to 2.73 ringgit, set for the highest level since May 28, 2004. The company said it’s unaware of the reason for the recent surge in its share price. The stock has climbed since its re-listing on Oct. 30 after completing a plan to revive its financial position. It was suspended for more than three years.
Investors may have been attracted to the stock because of the restructuring and the fact that it’s now a 65 percent owned unit of state-run Lembaga Tabung Haji, making it a government- linked company, Lityan said in a statement.
Scomi Marine Bhd. (SMB) , a Malaysian tug and barge company, advanced 6.3 percent to 59.5 sen, headed for the steepest gain since Aug. 12, after third-quarter net income climbed 25 percent to 25.5 million ringgit from a year earlier.
Time Engineering Bhd. (TIM) , a Malaysian telecommunications services provider, rose 19 percent to 53 sen, bound for the highest level since Feb. 19, 2008, after the company completed its restructuring to restore its finances.
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