Malaysia Stocks: AirAsia, Boustead, Genting Malaysia, Sapura
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 fell 1.10, or 0.1 percent, to 1,590.24.
AirAsia Bhd. (AIRA) , Asia’s biggest budget carrier, slid 1.4 percent to 3.45 ringgit, the lowest close since June 28. The stock was cut to “sell” from “buy” at Citigroup Inc., which said fiscal second-quarter earnings may disappoint because of higher jet-fuel costs.
Boustead Holdings Bhd. (BOUS) , a plantation and financial services group, rose 1.4 percent to 6.01 ringgit, the most since June 30, after announcing plans to cut its stake in Pharmaniaga Bhd. (PHRM) Boustead will sell Pharmaniaga shares at 5.75 ringgit each to Lembaga Tabung Angkatan Tentera, Boustead directors and employees, and investors, it said in a statement.
The company will also distribute Pharmaniaga shares to shareholders as a “dividend-in-specie” while Pharmaniaga will undertake a bonus issue, it said.
Genting Malaysia Bhd. (GENM) climbed 2.1 percent to 3.86 ringgit, its highest since Feb. 26, 2008. The casino operator’s gaming business in New York may result in earnings upgrades for the stock, making valuations more “attractive,” according to a report by RHB Research Institute Sdn.
Sapura Resources Bhd. (SRB) , an automotive retailer, advanced 1.7 percent to 1.18 ringgit, the highest level since Feb. 9, after agreeing to buy the assets of DNest Group for 28 million ringgit ($9.3 million).
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org
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