Malaysia Stocks: Malaysian Airline System, Ramunia, Priceworth
Shares of the following companies had unusual price changes in Malaysia trading. Stock symbols are in parentheses, and prices are as of the 5 p.m. close in Kuala Lumpur.
Malaysia’s FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 0.25 points, or less than 0.1 percent, to 1,551.89, sliding for a second day.
Oil and gas services providers: KNM Group Bhd. (KNMG) rose 5.2 percent to 2.02 ringgit, the biggest advance since March 9. Ramunia Holdings Bhd. (RH) increased 4.4 percent to 0.48 sen, the most since April 26. The shares gained after Goldman Sachs Group Inc. raised its rating on Malaysian shares to “overweight” on expectations the nation will benefit from higher crude prices.
Boustead Holdings Bhd. (BOUS) , a plantation, property and financial services group, rose 5.3 percent to 6.16 ringgit, the highest close since Jan. 14, 2008. The Edge reported that Boustead plans to pare its stake in Pharmaniaga Bhd. to 75 percent. Lodin Wok Kamaruddin, deputy chairman of Boustead Holdings and chairman of Pharmaniaga, wasn’t immediately available when phoned at his office today.
Malaysian Airline System Bhd. (MAS) , the national carrier, increased 1.4 percent to 1.44 ringgit, the first gain in three days. The company said yesterday it plans to join the Oneworld aviation alliance. This will be “long-term” positive for the carrier as it will widen its network, OSK Research Sdn. said in a report today.
Malaysia Marine & Heavy Engineering Holdings Bhd. (MMHE MK), a rig builder, climbed 1.9 percent to 8.08 ringgit, closing at a record. The stock was rated “buy” in new coverage at UOB- Kay Hian Holdings Ltd. by equity analyst Vincent Khoo. The brokerage has a share-price estimate of 8.80 ringgit.
Priceworth International Bhd. (PWP MK), a timber company, gained 2.9 percent to 54 sen, the steepest increase since May 20. The company said in a statement it signed an agreement to carry out logging in two concession areas of the Solomon Islands.
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