Malaysia Stocks: Unisem, Hubline, IJM, Media Prima, Suria
Malaysia’s FTSE Bursa Malaysia KLCI Index fell 1.67, or 0.1 percent, to 1,569.89. The gauge lost 0.2 percent this week, its first decline in four weeks.
Hubline Bhd. (HUBL MK), a shipping group, slid 2.2 percent to 22 sen after RAM Rating Services Bhd. cut the outlook for its long-term Islamic bond ratings to “negative” from “stable.” This is to reflect concerns that the group’s financial performance may remain depressed by “weak” freight rates, RAM said in a report.
IJM Corp. (IJM MK), a construction company, climbed 2.8 percent to 6.70 ringgit, its highest close since Feb. 22, 2007. Credit Suisse Group AG, in a report today, raised its share estimate to 7.71 ringgit from 5.80 ringgit to reflect expectations that IJM may win the West Coast Expressway project valued at as much as 5 billion ringgit ($1.6 billion).
Malayan United Industries Bhd. (MUI MK), a property developer and retailer, jumped 16 percent to 25.5 sen, the most since May 13, 2009, after the company said it plans to start talks to sell a stake in its insurance unit to Liberty International Holdings Inc. of the U.S.
Media Prima Bhd. (MPR MK), a newspaper publisher and broadcaster, climbed 1.1 percent to 2.71 ringgit, the most in a week, after Citigroup Inc. raised its share estimate to 3.10 ringgit from 2.70 ringgit to reflect higher television advertising rates.
Suria Capital Bhd. (SURIA MK), a builder, gained 4.4 percent to 2.38 ringgit, its highest close since May 30, 2008. The company said it’s part of a group of companies that won a 1 billion ringgit contract to build a 300-megawatt gas-fired power plant in Malaysia’s Sabah state, according to a company statement.
Unisem Bhd. (UNI MK), Malaysia’s second-biggest listed semiconductor company, gained 1.3 percent to 2.27 ringgit, the most since Jan. 5. Intel Corp., the world’s largest chipmaker, forecast first-quarter sales that may exceed analysts’ estimates as companies boost spending on computers and servers.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org
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