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Malaysia Stocks: Allianz Malaysia, Genetic, Olympia, Sapura

Malaysia’s FTSE Bursa Malaysia KLCI Index ended a six-day slump, climbing 7.58, or 0.6 percent, to 1,307.08. The measure dropped the most in two weeks.

Allianz Malaysia Bhd. (ALLZ MK), an insurance company, fell 18 percent to 3.80 ringgit, the steepest loss since January 1998 after setting a reference price of 3.83 ringgit for its planned rights offer.

Faber Group Bhd. (FAB MK), a Malaysian hospital support services provider, climbed 3.8 percent to 2.74 ringgit, its highest since June 25. The company won a 20.4 million ringgit ($6.33 million) contract for the Sheikh Khalifa Medical City in Abu Dhabi.

Genetic Technology Bhd. (GENE MK), an automated industrial equipment maker, sank 6.4 percent to 29.5 sen, its sharpest decrease since March 31. The company proposed buying 51 percent of CLT Engineering Sdn. for 26.4 million ringgit. This would be mostly financed through the issue of 96 million new shares at an indicative price of 27 sen each, the company said in a statement.

IOI Corp. (IOI MK), a plantations and property company, rose 1.4 percent to 5.05 ringgit, the biggest gain since June 21. The company said it sold Paduwan Development Sdn. for 53.5 million ringgit. Paduwan owns 535 acres of agricultural land planted with palm oil in Malaysia’s southern Malacca state, IOI said in an exchange filing.

Mah Sing Group Bhd. (MSGB MK), a developer, climbed 1.8 percent to 1.69 ringgit, the sharpest gain since June 7. The company signed a joint venture agreement with a unit of Mahajaya Bhd. to jointly develop 13.2 acres of land in Kinrara, outside of Kuala Lumpur. The land has an estimated gross development value of 100 million ringgit, Mah Sing said in a statement.

Olympia Industries Bhd. (OLYM MK), a lottery operator, fell the most in five weeks, sliding 2.3 percent to 21 sen after the company said in an exchange filing that its earnings are likely to be “adversely” affected in the financial year ending June 2011 by the Malaysian government’s decision to raise pool betting duties to 8 percent from 6 percent.

SapuraCrest Petroleum Bhd. (SCRES MK), an oil and gas services provider, rose 2.3 percent to 2.24 ringgit, the steepest advance since June 14. The company is bidding for 3 billion ringgit of contracts, state news service Bernama reported today, citing Chief Executive Officer Rohaizad Darus. Darus couldn’t be reached for a comment in his office.

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