Malaysia Stock Movers: Borneo Aqua, Malaysia Marine, MISC, Sime
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.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index rose 8.4 points, or 0.6 percent, to 1,419.04, snapping a four-day decline.
Borneo Aqua Harvest Bhd. (BORN) , a fish breeder, slid 2.3 percent to 43.5 sen, the lowest close since Aug. 6, 2009. Borneo wants to raise 9 million ringgit ($2.88 million) by selling new shares in a private placement. The money raised will be used to fund its operations, it said in a statement.
Malaysia Marine and Heavy Engineering Holdings Bhd. (MMHE) , the rig-building arm of MISC Bhd. (MISC MK), advanced 0.8 percent to 6.15 ringgit, the largest increase since Sept. 2. Malaysia Marine is bidding for projects valued at as much as 6 billion ringgit, Chairman Nasarudin Md Idris said in Kuala Lumpur today.
MISC Bhd. (MISC) , Malaysia’s biggest shipping company, fell 1.7 percent to 6.76 ringgit. MISC had its debt rating cut one level to Baa1 by Moody’s Investors Service because of spending plans and expected operating losses across different units. Moody’s has a negative outlook on MISC’s rating.
Sime Darby Bhd. (SIME) , a plantation and industrial group, rose 4.2 percent to 8.24 ringgit, the biggest gain since Jan. 4. Concerns that Sime paid too much for a stake in Eastern & Oriental Bhd. and may have to make a general offer for the rest of the property developer are “overblown,” UOB-Kay Hian Holdings Ltd. said. Sime’s purchase of a 30 percent stake in Eastern & Oriental will help bolster its property division, UOB- Kay Hian said in a report today.
To contact the editor responsible for this story: Darren Boey at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.