Malaysia Stocks: AirAsia, Hartalega, Malaysian Air, Muhibbah

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. trading close in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI (FBMKLCI) Index rose 8.38, or 0.6 percent, to 1,480.52, snapping a three-day slump.

Malaysian Airline System Bhd. (MAS) jumped 7.5 percent to 1.72 ringgit, the steepest gain since May 26, 2010. Its parent Khazanah Nasional Bhd. agreed to swap a 20.5 percent stake in the company for a 10 percent holding in budget airline AirAsia Bhd. (AIRA) , forging ties between the nation’s two biggest carriers. AirAsia fell 10.4 percent to 3.54 ringgit, the most since Dec. 1, 2008. Its rating was cut to “sell” from “buy” at UOB-Kay Hian Holdings Ltd., which said in a report the tie-up was unlikely to benefit the low-cost carrier.

Al-Hadharah Boustead REIT (BIRT) , an Islamic oil-palm plantation trust, rose 2.8 percent to 1.46 ringgit, its largest gain since Feb. 28, after second-quarter profit rose 50 percent to 23.9 million ringgit ($7.9 million).

Hartalega Holdings Bhd. (HART) , a producer of synthetic and latex gloves, gained 2.2 percent to 5.51 ringgit, its steepest advance since April 15. Hartalega’s profit for the first quarter ended June 30 rose 32 percent to 54.8 million ringgit, it said in a company statement.

MBf Holdings Bhd. (MBFH) , a credit card, property and auto group, added 5.7 percent to 56 sen, the most since March 18. MBf said second-quarter profit surged to 79.7 million ringgit from 6.9 million ringgit a year earlier, bolstered by one-time gains from a fair-value adjustment for its investment properties.

Muhibbah Engineering (M) Bhd. (MUHI MK) climbed 4.3 percent to 1.22 ringgit. The builder was informed that Asia Petroleum Hub Bhd. had reached an agreement with CIMB Bank Bhd. to remove it from receivership, according to an exchange filing. Muhibbah is a contractor on its petroleum hub project.

TDM Bhd. (TDM) , a palm oil producer, advanced 2.8 percent to 2.92 ringgit, the largest gain since June 7. Second- quarter net income more than doubled from a year earlier to 32 million ringgit, according to a company statement.

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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