Malaysia Stocks: Genting, Lion Industries, Malaysian Airline
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index rose 6.56, or 0.4 percent, to 1,567.35, its highest level since Jan. 18.
Genting Bhd. (GENT) , a casino, hotel and plantation group, climbed 2.8 percent to 11.20 ringgit, the most since April 20. Genting Malaysia Bhd. (GENM) , controlled by Genting, had its “fair value” raised to 4.60 ringgit from 4.40 ringgit at RHB Research Institute Sdn. to reflect the prospects of its gaming business in New York City. Genting Malaysia added 0.6 percent to 3.58 ringgit.
Lion Industries Corp. (LLB MK), part of Malaysia’s Lion Group, surged 15 percent to 1.87 ringgit, the most since Nov. 3, 2008, after two people with knowledge of the matter said Baosteel Group Corp. is in talks to buy a stake in a steel unit. Lion Corp. (LION MK), the single-biggest shareholder of Lion Industries, gained 20 percent to 30 sen. Lion Group Chairman William Cheng wasn’t immediately available when calls were made to his office in Kuala Lumpur today.
Malaysian Airline System Bhd. (MAS) advanced 1.4 percent to 1.44 ringgit. The national carrier exercised an option to buy 10 additional Boeing Co. 737-800 aircraft, the two companies said in a joint e-mailed statement. The order is valued at more than $800 million at current list prices, it said.
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