Malaysia Stocks: Kencana Petroleum, KL Kepong, Silk Holdings
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 10.48 points, or 0.7 percent, to 1,578.10, its biggest drop since June 13.
Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK) dropped 1.8 percent to 22.40 ringgit, the most since April 11. PLS Plantations Bhd. (PLS) fell 5 percent to 1.15 ringgit and TH Plantations Bhd. (THP) slid 1 percent to 2.08 ringgit.
Malaysian palm-oil prices may fall below 3,000 ringgit ($991) a metric ton this month as consumers may defer purchases in anticipation of lower prices, CIMB Investment Bank Bhd. said in a report today.
Kencana Petroleum Bhd. (KEPB) rose 5 percent to 2.94 ringgit, a record close, after receiving a proposal to merge with SapuraCrest Petroleum Bhd. (SCRES) in an 11.9 billion ringgit deal to create Malaysia’s largest listed oilfield services company by assets. SapuraCrest gained 0.2 percent to 4.50 ringgit.
Silk Holdings Bhd. (SIB) , an oil and gas services provider, climbed 11 percent to 29.5 sen, the steepest rise since Oct. 29, 2009, after winning four charter contracts valued at 39.8 million ringgit to supply vessels to Petronas Carigali Sdn.
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