Senate Passes Bipartisan Budget Deal Rolling Back $63 Billion in Cuts
Malaysia Stocks: GD Express, Sunchirin, Ta Ann, Top Glove, WTK
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index rose 8.30, or 0.6 percent, to 1,492.44, advancing for the first time in five days.
Timber stocks: WTK Holdings Bhd. (WTKH) jumped 12 percent to 1.54 ringgit, the highest level since October 2008, after AmResearch Sdn. said in a report log and plywood demand and prices are poised to rise as Japan rebuilds after last week’s earthquake and tsunami. Ta Ann Holdings Bhd. (TAH) climbed 2.3 percent to 4.98 ringgit, after AmResearch raised the stock’s rating to “buy.” Jaya Tiasa Holdings Bhd. (JT) rose 2 percent to 5.10 ringgit.
GD Express Carrier Bhd. (GDX) , a Malaysian package delivery company, fell 7.4 percent to 81 sen, the largest drop since Dec. 10. Singapore Post Ltd. raised its stake in GD Express to 27.1 percent from 5 percent after it bought 56.8 million shares at 80 sen each, according to a Singapore exchange filing late yesterday.
Sunchirin Industries (Malaysia) Bhd. (SCR MK), an automobile components maker, gained 1.1 percent to 1.82 ringgit. The company said it will invest 40 million ringgit ($13 million) this year to expand its Thai operations. The company aims to open a plant in November, which will double its capacity in the country, Sunchirin said in an e-mailed statement.
Top Glove Corp. (TOPG MK), the world’s biggest rubber-glove maker, fell 0.9 percent to 5.28 ringgit, halting a two-day, 9 percent rally. Second-quarter net income tumbled 64 percent from a year earlier to 25.4 million ringgit, the Selangor, the Malaysia-based company said in a stock exchange filing.
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