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Malaysia Stocks: Maybank, Genting, I-Power, Petronas, Sime, UEM

By Chan Tien Hin

Aug. 30 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index rose 11.44, or 0.8 percent, to close at 1,422.49, its highest level since Feb. 19, 2008. The measure gained 4.5 percent this month, the most since July 2009. The stock market will be shut tomorrow for a public holiday.

Banks: Malaysian lenders rose after CIMB Investment Bank Bhd. increased its 2010 industry loan growth target to as much as 12 percent from between 10 and 11 percent to reflect stronger credit demand.

Malayan Banking Bhd. (MAY MK), Malaysia’s biggest bank by assets, climbed 1.6 percent to 8.39 ringgit, its highest close since Feb. 27, 2008. CIMB Group Holdings Bhd. (CIMB MK) advanced 0.8 percent to 7.80 ringgit and AMMB Holdings Bhd. (AMM MK) added 1.8 percent to 5.66 ringgit.

Genting Bhd. (GENT MK), Asia’s third-biggest casino operator, gained 4.5 percent to a record 9.45 ringgit after Macquarie Group Ltd. increased its 2011 earnings forecast for the company’s Singapore unit by 23 percent, citing higher margin assumptions.

I-Power Bhd. (IPOW MK), a business software provider, tumbled 50 percent to 3.5 sen, a record low, after saying its loss in the fiscal fourth quarter widened to 92.6 million ringgit ($29.5 million) from 1.3 million ringgit a year earlier.

Petronas Gas Bhd. (PTG MK), a natural gas distributor, rose 1 percent to 10.50 ringgit, its highest level since Feb. 26, 2008. The company said first-quarter net income climbed 42 percent to 382.8 million ringgit. The rise was due to higher gas-processing and transportation revenue, the company said in a statement.

Resintech Bhd. (RESI MK), a polyvinyl chloride and polyethylene products maker, advanced 6.9 percent to 54.5 sen, the most since May 27. The company proposed a two-for-five bonus share issue aimed at helping boost the liquidity of its stock, according to an exchange filing.

Sime Darby Bhd. (SIME MK), the world’s biggest listed palm oil producer, climbed 3.1 percent to 8.35 ringgit, its largest increase since Sept. 8, after CIMB Investment Bank Bhd. raised its share-price estimate to reflect better prospects for the company under its new chief executive. The share-price estimate was increased to 8.62 ringgit from 8.17 ringgit, CIMB analyst Ivy Ng Lee Fang said in a report today.

UEM Land Holdings Bhd. (ULHB MK), a property developer, added 1.8 percent to 1.67 ringgit. The company said in a statement that its second-quarter net income surged to 40.3 million ringgit from 5.9 million ringgit a year earlier as sales increased.

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