Malaysia Stocks: Faber, Lityan, Maybank, RHB, Scomi, Time
Malaysia’s FTSE Bursa Malaysia KLCI Index (FBMKLCI) rose for a second day, adding 6.89, or 0.6 percent, to 1,249.21 at the 12:30 p.m. local time break, set for the biggest increase since Oct. 23. Only three stocks fell on the 30-member gauge.
Banks: Malaysian banks rose after OSK Research Sdn. and HWANGDBS Vickers Research Sdn. said lenders are increasing mortgage rates to remove the “irrational price competition” that have hurt profit margins.
Malayan Banking Bhd. (MAY) , Malaysia’s biggest bank, climbed 1.3 percent to 6.81 ringgit, set for the steepest gain since Oct. 14. Hong Leong Bank Bhd. (HLBK) advanced 2.2 percent to a record 7.90 ringgit. RHB Capital Bhd. (RHBC) added 2.1 percent to 5.31 ringgit.
Faber Group Bhd. (FAB) , a property developer, climbed 9.4 percent to 1.16 ringgit, headed for the biggest increase since March 11, 2008. 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 13 percent to 2.77 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 tug and barge company, advanced 2.7 percent to 57.5 sen, on course for the steepest gain since Oct. 16, after third-quarter net income climbed 25 percent to 25.5 million ringgit from a year earlier.
Time Engineering Bhd. (TIM) , a telecommunications services provider, rose 18 percent to 52.5 sen, bound for the highest level since Feb. 19, 2008, after the company completed its restructuring to restore its finances.
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