Malaysia Stocks: IGB Corp., Malaysia Building, Malaysia Marine
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as the 12:30 p.m. break in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI Index fell 2.45, or 0.2 percent, to 1,502.88. The stock market was shut yesterday for a public holiday.
IGB Corp. (IGB MK), a property developer, dropped 7.3 percent to 2.15 ringgit, headed for its steepest slide since March 12, 2009. KrisAssets Holdings Bhd. (KRIS MK) signed a preliminary agreement to buy Mid Valley City Gardens Sdn., owner of the Gardens Mall in Kuala Lumpur, from parent IGB at a price to be determined later.
Malaysia Building Society Bhd. (MBS MK), a mortgage financing provider, rose 4.7 percent to 1.55 ringgit, set for its largest gain since Dec. 10. The company had a profit of 12.8 million ringgit ($4.2 million) in the fourth quarter compared with a loss of 9.71 million ringgit a year earlier, it said in a statement.
Malaysia Marine & Heavy Engineering Holdings Bhd. (MMHE MK), the rig-building arm of MISC Bhd., advanced 3.2 percent to 6.41 ringgit, the highest level since Jan. 18. AmResearch Sdn. raised its “fair value” for the stock to 8.10 ringgit from 7.15 ringgit to reflect earnings growth prospects, according to a report today.
Multi-Purpose Holdings Bhd. (MPU MK), a gaming and financial services group, slid 1.1 percent to 2.70 ringgit, bound for the largest drop since Jan. 21. The company said preliminary plans to re-list Magnum Holdings Sdn. has been “placed on hold” for the time being.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at email@example.com