Malaysia Stocks: Coastal Contracts, Malaysian Resources, Pelikan
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 32.08, or 2.1 percent, to 1,503.99, its biggest drop since Nov. 6, 2008.
Coastal Contracts Bhd. (COCO MK), a shipbuilder, rose 2.1 percent to 2.43 ringgit, its steepest gain since Jan. 27. The company said it won sales orders valued at 268 million ringgit ($88 million). It now has about 760 million ringgit of vessel sales contracts awaiting delivery to customers up to 2012, Coastal Contracts said in a statement.
Green Packet Bhd. (GRPB MK), a wireless Internet service provider, advanced 4 percent to 78 sen, the largest increase since Jan. 13. Green Packet said it won a project from Time Warner Cable Inc. to provide connection management solutions for the U.S. company’s Windows and Mac platforms, according to a company statement.
Malaysian Resources Corp. (MRC MK), a property developer, climbed 3.2 percent to 2.28 ringgit, the most since Jan. 10. The company said fourth-quarter profit surged to 41.5 million ringgit from 12.4 million ringgit a year earlier on higher sales, according to a statement.
Pelikan International Corp. (PELI MK), a pen and stationary maker, dropped 1.6 percent to 1.25 ringgit, its lowest close since Jan. 26. The company’s stock rating was cut to “hold” from “buy” at HwangDBS Vickers Research Sdn., which said the company faces growing earnings risk. Its share price estimate was reduced to 1.20 ringgit from 1.40 ringgit, Hon Seow Mee, an analyst at HwangDBS, said in a report today.