Malaysia Stocks: KL Kepong, K&N, Kinsteel, Lafarge, QSR Brands
Malaysia’s FTSE Bursa Malaysia KLCI Index fell 10.72, or 0.7 percent, to 1,485.23 at the 5 p.m. close in Kuala Lumpur, its lowest level since Oct. 18. The gauge slid 1.4 percent this month, its first drop in six months.
Kuala Lumpur Kepong Bhd. (KLK MK), a palm oil producer, rose 1.2 percent to 20.22 ringgit, the most since Nov. 8. Fourth-quarter net income climbed 28 percent from a year earlier to 311 million ringgit ($98 million) and the company expects “buoyant’ crude palm-oil prices and improved earnings next fiscal year, it said in a statement.
K&N Kenanga Holdings Bhd. (KNK MK), an investment banking and stock broking group, slid 3.5 percent to 70 sen, its lowest close since Sept. 9, after the company reported a loss of 11.9 million ringgit in the third quarter compared with a profit a year earlier.
Kinsteel Bhd. (KSB MK), a steelmaker, dropped 2.2 percent to 88.5 sen, its lowest close since Oct. 1, after reporting a loss of 19.4 million ringgit in the third quarter compared with a profit of 19.8 million ringgit a year earlier.
Lafarge Malayan Cement Bhd. (LMC MK) retreated 4.8 percent to 7.52 ringgit, its lowest level since Sept. 7. The company said third-quarter profit dropped 22 percent from a year earlier to 91.1 million ringgit as sales declined.
QSR Brands Bhd. (QSR MK), a fast-food chain operator, sank 5.3 percent to 5.93 ringgit, the most since Nov. 22, after its biggest shareholder Kulim (Malaysia) Bhd. (KUL MK) rejected two 1.94 billion ringgit takeover bids, including one from Carlyle Group. QSR’s unit KFC Holdings (Malaysia) Bhd. (KFC MK) lost 1.5 percent to 3.88 ringgit.
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