Malaysia Stocks: Boustead Heavy, Hai-O, Kuantan Flour, Integrax
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 12:30 p.m. break in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index was little changed at 1,512.41.
Boustead Heavy Industries Corp. (BHIC MK), a shipbuilder, rose 5.3 percent to 3.99 ringgit, set for its largest gain since Feb. 7, after HwangDBS Vickers Research Sdn. said the stock is a “bargain” considering its earnings growth prospects. The company was rated “buy” in new coverage with a share estimate of 6.55 ringgit, Chong Tjen San, an analyst at HwangDBS, wrote in a report today.
Hai-O Enterprise Bhd. (HAIO) , a seller of traditional healthcare products, dropped 3.5 percent to 2.19 ringgit, set for its lowest close since Sept. 18, 2009. Hai-O said profit in the third quarter ended Jan. 31 fell 65 percent from a year earlier to 6.35 million ringgit ($2.1 million) after sales dropped, according to a company statement.
Kuantan Flour Mills Bhd. (KFM) , a flour miller, slid 2.8 percent to 53 sen. The company said it proposed to raise as much as 14.9 million ringgit from a rights offer and private share placement to repay loans and finance its operations. Kuantan Flour also plans a share capital reduction to reduce accumulated losses, the company said in a statement.
Integrax Bhd. (INTEG) , a port operator, rose 3.8 percent to 1.64 ringgit, on course for its highest close since Jan. 19. Tenaga Nasional Bhd. (TNB) , the biggest power producer, said it paid 106.5 million ringgit for a 22.12 percent stake in Integrax. Tenaga paid 1.60 ringgit per share, according to a stock exchange statement. Tenaga fell 1.1 percent to 6.11 ringgit.
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