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Malaysia Stocks: IGB, KLCC, Kencana, Kurnia Asia, Petra Perdana

By Chan Tien Hin

May 12 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index rose for a fourth day, adding 3.38, or 0.3 percent, to 1,344.10, the highest close since May 3.

IGB Corp. (IGB MK), a property developer, fell 1.1 percent to 1.75 ringgit, its lowest close since Feb. 25. KLCC Property Holdings Bhd. (KLCC MK), owner of the Petronas Twin Tower office building in Kuala Lumpur, slid 0.6 percent to 3.25 ringgit. Both companies will be removed from the MSCI Malaysia Index on May 26.

Kencana Petroleum Bhd. (KEPB MK), an oil and gas services provider, added 0.6 percent to 1.58 ringgit, its highest close since May 5. The company said it won a 91.9 million ringgit contract from Malaysia’s Ministry of Energy, Green Technology and Water, to install a subsea pipeline in Labuan island.

Kurnia Asia Bhd. (KUAB MK), an insurer, surged 7.7 percent to 565 sen, the most since Jan. 22, 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 0.7 percent to 1.37 ringgit, its lowest close since May 6. 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.

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