Malaysia Stocks: IOI, KNM Group, Kencana, Petronas Chemicals
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. local-time close in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 27.44, or 1.8 percent, to 1,496.99, the steepest loss since Feb. 10. The gauge declined 6.1 percent from its July 8 record. A drop of 10 percent or more from a recent high signifies a correction to some analysts and investors.
Oil and gas stocks: KNM Group Bhd. (KNMG) led a drop in Malaysian oil and gas stocks after oil futures declined as much as 4.3 percent in New York. KNM lost 6 percent to 1.58 ringgit, its lowest close since Sept. 7. Petronas Chemicals Group Bhd. (PCHEM) fell 2.4 percent to 6.43 ringgit. Kencana Petroleum Bhd. (KEPB) lost 4.2 percent to 2.75 ringgit.
Plantation stocks: IOI Corp. (IOI MK) led a drop by plantation companies after palm oil futures slumped for a third day. IOI lost 6.2 percent to 4.68 ringgit, its biggest drop since Jan. 8, 2009. Kuala Lumpur Kepong Bhd. (KLK) slid 1.5 percent to 21.22 ringgit and Sime Darby Bhd. (SIME) fell 1.1 percent to 8.95 ringgit.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org