Malaysia Stocks: Axiata Group, Jasa Kita, Sunway, Sime Darby
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.
Malaysia’s FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 17.81 points, or 1.2 percent, to 1,413.12, its lowest close since Aug. 27, 2010. The market was shut for a holiday on Sept. 16.
Axiata Group Bhd. (AXIATA) , a mobile-phone operator, fell 2.3 percent to 4.68 ringgit, its biggest drop since Aug. 25. The stock’s rating was cut to “hold” from “buy” at HwangDBS Vickers Research Sdn., which said “intense” competition will hurt profit margins.
Jasa Kita Bhd. (JKB) , a manufacturer of electric motors, power tools and engineering equipment, slid 1 percent to 13 sen after saying a fire destroyed its warehouse. The company is assessing damage to goods, machinery and office equipment, it said in a statement.
Sunway Bhd. (SWB MK), a property and construction group, dropped 2 percent to 2 ringgit, its lowest close since Aug. 23. The stock’s “fair value” was reduced to 2.70 ringgit from 3.35 ringgit at RHB Capital Bhd. to reflect “weaker” market sentiment and economic growth.
Sime Darby Bhd. (SIME) , a plantation, industrial and property group, declined 3.8 percent to 7.70 ringgit, its lowest close since Aug. 17, 2010. Sime is in talks with Caterpillar Inc. to buy some distribution assets of Bucyrus International Inc., Scott William Cameron, executive vice president of Sime’s industrial division, said today.
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