Malaysia Stocks: AMMB, IOI, Kuala Lumpur Kepong, NTPM Holdings
Malaysia’s FTSE Bursa Malaysia KLCI (FBMKLCI) Index tumbled 34.14 points, or 2.5 percent, to 1,331.80, its steepest drop since Oct. 28, 2008. The gauge has fallen 16 percent from its July 8 record of 1,594.74. Some investors regard a drop of 20 percent or more from a recent high as a bear market.
Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK) led planters lower after a Bloomberg survey showed palm-oil prices may drop in 2011, the first decline in three years. KL Kepong slid 5.5 percent to 19.56 ringgit, the biggest loss since Oct. 6, 2009. IOI Corp. (IOI MK) lost 3.3 percent to 4.36 ringgit. Tradewinds Plantation Bhd. (TWPB) slumped 11 percent to 2.95 ringgit.
Palm-oil prices in Malaysia, the global benchmark, may decline to 2,800 ringgit ($878) a metric ton by December, according to the median forecast in a Bloomberg survey of 10 analysts and importers at the Globoil India conference in Mumbai at the weekend. Palm oil dropped as much as 4.5 percent to 2,857 ringgit today.
AMMB Holdings Bhd. (AMM) , a banking group, fell 6.8 percent to 5.38 ringgit, its biggest decline since Nov. 6, 2008. The stock was cut to “hold” from “buy” at Malayan Banking Bhd., according to a report today. The stock estimate was reduced to 6.30 ringgit from 7.60 ringgit.
NTPM Holdings Bhd. (NTPM) , a tissue-paper maker, declined 2.8 percent to 51.5 sen, the largest decline since Aug. 8. Profit in the first quarter ended July 31 fell 26 percent to 9.23 million ringgit, the company said in a statement.
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