Malaysian Stocks: JCY International, Priceworth, Proton, UEM
The FTSE Bursa Malaysia KLCI Index rose 0.4 percent to 1,509.73, snapping a two-day decline.
JCY International Bhd. (JCYH MK), a disk-drive components maker, gained 4.2 percent to 1.23 ringgit, bound for its highest close since Aug. 13, 2010. The company expects a 19-fold jump in its 2011 profit because of higher selling prices, it said in a statement.
Priceworth International Bhd. (PWP) , a timber company, advanced 7.4 percent to 43.5 sen, headed for its highest close since Nov. 24. Its Ligreen (SI) Ltd. unit was appointed a logging contractor in the Solomon Islands, according to a stock exchange filing.
Proton Holdings Bhd. (PROH) , the national carmaker, added 2.5 percent to 5 ringgit, on course for its highest close since Sept. 27, 2010. Chairman Mohd Nadzmi Mohd Salleh confirmed that he submitted a bid to buy Khazanah Nasional Bhd.’s 43 percent stake in Proton, the Star newspaper reported. Mohd Nadzmi couldn’t be reached for comment by Bloomberg News when phoned at his office today.
UEM Land Holdings Bhd. (ULHB) , a property developer, climbed 3.6 percent to 2.31 ringgit, set for its biggest increase since Dec. 22. RHB Capital Bhd. upgraded the country’s property industry to “neutral” from “underweight,” Loong Kok Wen, an analyst at RHB, wrote in a report today. UEM Land was rated “trading buy” with a so-called fair value of 2.38 ringgit.
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