Malaysia Stocks: Ahmad Zaki, IOI, Kuala Lumpur Kepong, DXN
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 (FBMKLCI) Index fell 21.29, or 1.4 percent, to 1,495.62, its largest decline since Feb. 24. The measure declined 1.8 percent this week, the most since Feb. 25.
Plantation stocks: IOI Corp. (IOI MK) led a slide in Malaysian plantation stocks after OSK Research Sdn. said in a report today that palm oil prices are now in a “downcycle” that will last six to nine months. IOI dropped 1.8 percent to 5.61 ringgit, its steepest decline since Feb. 22. Kuala Lumpur Kepong Bhd. (KLK) lost 1.1 percent to 20.66 ringgit and Sime Darby Bhd. (SIME) fell 0.8 percent to 9.03 ringgit.
Ahmad Zaki Resources Bhd. (AZR) , a construction company, jumped 4.7 percent to 89 sen, the most since Feb. 2. The company said it won a 145.4 million ringgit ($48 million) contract to complete the remaining works of a highway in Terengganu state. The contract will boost the company’s earnings this year and in 2012, Ahmad Zaki said in a statement.
DXN Holdings Bhd. (DXN) , a manufacturer of health food supplements and products, dropped 3.7 percent to 1.32 ringgit, the lowest level since Dec. 24. DXN scrapped a plan to sell its shares in Daxen Biotechnology Pte. after the buyer failed to remit the first payment, the company said in a statement.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at email@example.com
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