Malaysia Stocks: Berjaya, Hong Leong, Mclean, MWE, Smelting
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 3.96, or 0.3 percent, to 1,523.37, advancing for a second day.
Berjaya Corp. (BC MK), the property, insurance and gaming group, rose 1 percent to 1.06 ringgit, the first gain since April 29. The company agreed to sell its 40 percent stake in Berjaya Sompo Insurance Bhd. to Sompo Japan Asia Holdings Pte for 496 million ringgit ($166 million) in cash, according to an exchange filing.
Hong Leong Bank Bhd. (HLBK) climbed 2.7 percent to 11.50 ringgit, extending its gains to a record close after AmResearch Sdn. raised its fair value to 14.70 ringgit from 13.80 ringgit. HwangDBS Vickers Research Sdn. separately said Hong Leong could see potential merger synergies of 400 million ringgit over the next three years following its takeover of EON Capital Bhd. Hong Leong Financial Group Bhd. (HLFG) , its parent, advanced 3.3 percent to 11.14 ringgit, a record close.
Malaysia Smelting Corp. (SMELT MK), a tin producer, jumped 6.4 percent to 4.66 ringgit, its highest close since Jan. 26. Malaysia Smelting reported a first-quarter profit of 28.3 million ringgit compared with a 29.1 million ringgit loss a year earlier, according to an exchange filing.
Mclean Technologies Bhd. (MTB MK), the provider of precision cleaning services for hard disk drives, climbed 2.9 percent to 53.5 sen on its trading debut. The company sold shares at 52 sen each, according to its listing prospectus.
MWE Holdings Bhd. (MWE) , a yarn and fabric manufacturer, added 2.3 percent to 1.32 ringgit, the most since April 27. MWE agreed to form a joint venture with Shinco Enterprise Corp. to operate a textile and apparel manufacturing plant in Indonesia, the company said in a statement.
V.S. Industry Bhd. (VSI MK), an electronics parts and components manufacturer, gained 2.2 percent to 1.89 ringgit, the largest increase since April 28. V.S. was appointed by Keurig Inc., a unit of Green Mountain Coffee Roasters Inc., to manufacture coffee makers, according to a company statement.
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