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Malaysia Stocks: Hartalega, IGB, Kurnia, Petra, Petronas Gas

By Chan Tien Hin

May 12 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index was little changed at 1,340.91 at the 12:30 p.m. local time break. Thirteen stocks rose and 11 fell on the 30-member measure.

IGB Corp. (IGB MK), a property developer, fell 1.1 percent to 1.75 ringgit, set for its lowest close since Feb. 25. KLCC Property Holdings Bhd. (KLCC MK), owner of the Petronas Twin Tower office building in Kuala Lumpur, slid 0.9 percent to 3.24 ringgit. Both companies will be removed from the MSCI Malaysia Index on May 26.

Hartalega Holdings Bhd. (HART MK), a Malaysian rubber glove maker, rose 0.6 percent to 7.90 ringgit, set for its highest close since April 27. The company said fourth-quarter net income gained 50 percent to 46.4 million ringgit from a year earlier. The company also proposed a bonus share issue of one new share for every two existing shares held, it said in a statement.

Kurnia Asia Bhd. (KUAB MK), an insurer, climbed 1 percent to 52.5 sen after CIMB Investment Bank Bhd. raised the stock’s rating to “trading buy” from “underperform” to reflect “stronger” growth in premiums. CIMB’s share-price estimate was increased to 83 sen from 74 sen, it said in a report today.

Petra Perdana Bhd. (PETR MK), a Malaysian oil and gas services provider, slid 1.5 percent to 1.36 ringgit, on course for its lowest close since March 24. The company said it may raise about 110 million ringgit from a private share placement and a rights offer to help repay debt and fund working capital requirements.

Petronas Gas Bhd. (PTG MK), a natural gas distributor, rose 0.8 percent to 9.96 ringgit, set for its steepest gain since April 12. The company’s profit is set to jump more than 37 percent in the financial year ending March 31, OSK Research Sdn. said in a report today. OSK raised its dividend forecast for Petronas Gas to 70 sen from 65 sen, according to the report.

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