Malaysia Stock Movers: Century Software, Coastal Contracts, MAA
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 1,552.89.
Century Software Holdings Bhd. (CSHB MK), a software company, advanced 2.2 percent to 1.41 ringgit, its highest close since March 30. OSK Research Sdn. rated the stock “buy” in new coverage, citing the company’s earnings growth potential. The so-called fair value for the stock is 1.53 ringgit, Kong Heng Siong, a Kuala Lumpur-based analyst at OSK, wrote in a report today.
Coastal Contracts Bhd. (COCO) , a shipbuilder, fell 0.9 percent to 3.50 ringgit, snapping an eight-day rally, after AmResearch Sdn. cut the stock’s rating to “hold” from “buy.” A surge in the shipbuilder’s stock had boosted the stock to the brokerage’s “fair value,” Alex Goh, an analyst at AmResearch, wrote in a report today.
MAA Holdings Bhd. (MAA) , an insurer, jumped 22 percent to 1.20 ringgit, its highest close since June 2008. The company may sell 70 percent of its unit Malaysian Assurance Alliance Bhd. for about 1.2 billion ringgit ($397 million), the Business Times reported. MAA Chief Executive Officer Muhamad Umar Swift couldn’t be reached for comment when contacted at his Kuala Lumpur office.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org