Malaysia Stocks: Chuan Huat, Ivory, HeiTech, WCT, Yeo Hiap Seng

Malaysia’s FTSE Bursa Malaysia KLCI Index (FBMKLCI) rose for a fourth day, adding 1.85, or 0.1 percent, to 1,354.08 at the 12:30 p.m. local time break, set for its highest close since Feb. 29, 2008.

Chuan Huat Resources Bhd. (CHR) , a building materials maker, surged 27 percent to 71.5 sen, set for its steepest gain since Aug. 25. The company proposed a one-for-three bonus share issue and a rights offer of warrants. This plan will help improve the liquidity and marketability of the company’s shares, it said in an exchange filing.

HeiTech Padu Bhd. (HEIT) , a computer-services group, rose 6.4 percent to 1.16 ringgit, bound for its largest increase since April 1. The company said it won a 282 million ringgit ($89 million) contract from the government to develop an integrated testing and training support system for the Road Transport Department of Malaysia.

Ivory Properties Group Bhd. (IVORY) , a property developer, jumped 29 percent to 1.29 ringgit in its trading debut on the Kuala Lumpur stock exchange. The company sold shares at 1 ringgit apiece in its initial public offer.

WCT Bhd. (WCT) , a builder and property group, climbed 2.2 percent to 2.81 ringgit, on course for its largest advance since June 18. HwangDBS Vickers Research Sdn. raised the stock’s rating to “buy” from “fully valued” to reflect higher new order wins and property rental income.

Yeo Hiap Seng (Malaysia) Bhd. (YHSM) , a beverage maker, slid 7.2 percent to 1.54 ringgit, headed for its steepest decline since Sept. 11. The company said it had a loss of 5.35 million ringgit in the second quarter, compared with a profit of 2.1 million ringgit a year earlier, after sales declined.

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

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

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