Malaysia Stocks: AirAsia, Fitters, Hong Leong, Malaysia Marine
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 rose 3.91, or 0.3 percent, to 1,519.41, its first gain in six trading sessions.
AirAsia Bhd. (AIRA) , Southeast Asia’s biggest budget carrier, added 1.3 percent to a record 3.10 ringgit. Credit Suisse Group AG raised its share-price estimate to 4.80 ringgit from 4.30 ringgit after the carrier introduced fuel surcharges. The stock rating was maintained at “outperform,” Annuar Aziz, an analyst at Credit Suisse, wrote in a report today.
Fitters Diversified Bhd. (FIT) , a builder and distributor of fire-safety materials, climbed 2 percent to 1.04 ringgit. The company said its shares will no longer be suspended after submitting its outstanding financial statements for last year.
Hong Leong Bank Bhd. (HLBK) surged 7.3 percent to 11.20 ringgit, a record close, after saying it completed the 5.06 billion-ringgit ($1.7 billion) takeover of EON Capital Bhd. (EON) . Hong Leong may acquire other banks in the region, Chief Executive Officer Yvonne Chia also told reporters in Kuala Lumpur. EON gained 1.9 percent to 7.54 ringgit.
Malaysia Marine & Heavy Engineering Holdings Bhd. (MMHE MK), the rig-building arm of MISC Bhd. (MISC MK), slid 0.9 percent to 6.77 ringgit, set for its lowest close since March 28. RHB Research Institute Sdn. cut the stock’s fair value to 5.75 ringgit from 6.26 ringgit and reduced its 2011-2013 earnings forecasts. Malaysia Marine was maintained at “underperform,” Yap Huey Chiang, an analyst at RHB, wrote in a report today.
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