Qualcomm Names Steve Mollenkopf CEO and President
Malaysia Stocks: Aliran, Coastal Contracts, MHC Plantations, WTK
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 2.41, or 0.2 percent, to 1,553.07, snapping a five-day gain.
Aliran Ihsan Resources Bhd. (AIRB) , a water treatment operator, rose 1.2 percent to 1.67 ringgit, its biggest gain since March 21. Aliran Ihsan won a 28.3 million-ringgit ($9.3 million) contract from Pengurusan Aset Air Bhd. to upgrade and rehabilitate an existing plant in the southern state of Johor, according to a company statement.
Coastal Contracts Bhd. (COCO) , a shipbuilder, advanced 3.5 percent to a record 3.53 ringgit. The company has been in “exploratory” talks with parties that have expressed interest in a merger and acquisition, it said in a statement. Coastal Contracts hasn’t decided on whether to sell a stake, it said.
MAA Holdings Bhd. (MAA) , an insurer, fell 6.7 percent to 98 sen, snapping a two-day, 27 percent surge. The company said it remains in discussions with Zurich Insurance Co. regarding the sale of its stake in Malaysian Assurance Alliance Bhd. MAA will make “the necessary announcements in due course on further developments,” according to a stock exchange statement.
MHC Plantations Bhd. (MHC) , an oil palm and rubber planter, jumped 8.8 percent to a record 2.10 ringgit. The company proposed a two-for-three bonus share issue, according to a stock exchange filing today.
WTK Holdings Bhd. (WTKH) , a timber producer, dropped 3.9 percent to 2 ringgit, the most since March 31. The stock was reduced to “market perform” from “outperform” at RHB Research Institute Sdn. The shares have “limited upside” after rallying since the Japan earthquake on March 11 on expectations reconstruction efforts will boost timber demand, according to a RHB report dated today. WTK has climbed 59 percent since March 11.
To contact the editor responsible for this story: Darren Boey in Hong Kong at firstname.lastname@example.org