Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Malaysia Stocks: UEM, WCT, Malaysian Resources, Genting

By Chan Tien Hin

Sept. 3 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index fell 8.01, or 0.6 percent, to 1,433.06 at the 12:30 p.m. local time break, snapping a five-day gain. The gauge has climbed 1.6 percent this week, set for its third weekly increase.

Property stocks: UEM Land Holdings Bhd. (ULHB MK) gained 1.6 percent to 1.87 ringgit, set for a record close. Eastern & Oriental Bhd. (EAST MK) added 3.6 percent to 1.14 ringgit. YNH Property Bhd. (YNHB MK) climbed 0.6 percent to 1.69 ringgit.

Malaysia’s property industry was raised to “overweight” from “neutral” by OSK Research Sdn. analyst Mervin Chow Yan Hoong, who wrote in a report today that the sector is in the early stages of a property “super-cycle.”

Construction stocks: WCT Bhd. (WCT MK) rose 2.8 percent to 2.91 ringgit, set for its highest close since May 12. Malaysian Resources Corp. (MRC MK) climbed 6.3 percent to 1.87 ringgit, the highest level since Feb. 27, 2008.

Investors should buy builders such as WCT and Malaysian Resources as earnings are at an inflection point in anticipation of a “more aggressive” rollout of multiplier projects, HwangDBS Vickers Research Sdn. said in a report today.

AmanahRaya Real Estate Investment Trust (AARET MK), a property trust, rose 1.1 percent to 88.5 sen, set for its largest gain since Aug. 16. The company said it agreed to acquire three properties from Selangor State Development Corp. for 270 million ringgit ($86 million). Selangor State Development will also buy as many as 70 million units in the trust at 95 sen each, the company said in a statement.

Genting Bhd. (GENT MK), Asia’s third-largest listed casino operator, slid 2.7 percent to 9.22 ringgit, set for its steepest decline since June 29. Genting Chairman and Chief Executive Officer Lim Kok Thay sold 269,000 shares in the company, a stock exchange filing showed. He sold the shares between Aug. 27 and Aug. 30, he said in the filing.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.