Malaysia Stocks: Alliance Financial, Esso, Sarawak Cable
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 12:30 p.m. trading break in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 2.88 points, or 0.2 percent, to 1,500.19.
Alliance Financial Group Bhd. (AFG) , a banking group, rose 1.5 percent to 3.50 ringgit, set for its highest close since Aug. 4. Alliance’s share-price estimate was raised to 4.19 ringgit from 3.70 ringgit to reflect its earnings and dividend growth prospects, Hong Leong Investment Bank Bhd. wrote in a report today.
Esso Malaysia Bhd. (ESSO) dropped 16 percent to 4.14 ringgit, set for its steepest slide since September 1998. San Miguel Corp. agreed to buy Exxon Mobil Corp.’s 65 percent stake in Esso Malaysia for about $206 million, or 3.50 ringgit a share, according to a company statement. The acquisition price represents a 29 percent discount to Esso Malaysia’s closing price of 4.95 ringgit yesterday.
Sarawak Cable Bhd. (SRCB) , a power cables and wires manufacturer, rose 1.9 percent to 2.20 ringgit, headed for its highest close since Aug. 3. Sarawak Cable agreed to join Sinohydro Corp (M) Sdn. and KEC International Ltd. in submitting a proposal to develop transmission lines in the eastern Malaysian state of Sarawak, according to a company statement.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org
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