Malaysia Stocks: AirAsia, Pos Malaysia, Petronas Chemicals, TA
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 1.30, or 0.1 percent, to 1,514.25, snapping a six-day gain. The gauge has fallen 0.3 percent this year.
AirAsia Bhd. (AIRA) , Southeast Asia’s biggest budget carrier, fell 0.7 percent to 2.68 ringgit, its first drop since March 18. The stock’s rating was cut to “hold” from “buy” at UOB-Kay Hian Holdings Ltd., which said the shares may post gains of “just” 10 percent this year, according to a report today.
Petronas Chemicals Group Bhd. (PCHEM) , a petrochemicals company, climbed 1.8 percent to 6.95 ringgit, closing at a record. CIMB Investment Bank Bhd. raised its share estimate for Petronas Chemicals to reflect the company’s “superior” growth prospects, bolstered by higher product prices. The share estimate was increased to 10 ringgit from 7.25 ringgit, Terence Wong, an analyst at CIMB, wrote in a report today.
Pos Malaysia Bhd. (POSM) , the national postal company, advanced 2.8 percent to 3.32 ringgit, its highest level since Feb. 14. The company said it proposed a special dividend of 7.5 sen a share on top of a final dividend of 10 sen, according to a stock-exchange filing.
TA Enterprise Bhd. (TAE) , a stockbroking and property group, added 2.8 percent to 74 sen, its highest close since Feb. 23. The company said profit in the fourth quarter ended Jan. 31 surged 93 percent from a year earlier to 29.1 million ringgit, according to an exchange filing.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org