Malaysia Stocks: Kuala Lumpur Kepong, Malaysian Pacific, Nylex
Stock Chart for Nylex Malaysia BHD (NYL)
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 5 p.m. close in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI Index fell 6.43, or 0.4 percent, to 1,520, its lowest level since Dec. 30. The six-day decline is the longest losing streak since July 5.
Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK MK) led plantation stocks lower after palm oil declined as much as 2.2 percent. The stock slid 2.3 percent to 20.90 ringgit, its lowest close since Dec. 21. Hap Seng Plantations Bhd. (HAPL MK) dropped 1.6 percent to 3.15 ringgit while Sime Darby Bhd. (SIME MK) lost 1.1 percent to 9.20 ringgit.
Malaysian Pacific Industries Bhd. (MPI MK), a chipmaker, gained 0.7 percent to 5.55 ringgit, its largest increase since Jan. 3. The company was raised to “market perform” from “underperform” at RHB Research Institute Sdn., which cited its earnings growth prospects. The stock’s fair value was increased to 5.96 ringgit from 5.17 ringgit, Yap Huey Chiang, an analyst at RHB, said in a report.
Nylex (Malaysia) Bhd. (NYL MK), a manufacturer of vinyl- coated fabrics and other plastic products, declined 2.1 percent to 68.5 sen, the most since Oct. 27. The company said net income in the second quarter ended Nov. 30 tumbled 47 percent from a year earlier to 4.88 million ringgit ($1.6 million) as sales and prices declined.
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