By Chan Tien Hin
Oct. 1 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index rose for a third day, adding 2.82, or 0.2 percent, to 1,466.32 at the close. The measure has gained 1 percent this week.
Fajarbaru Builder Group Bhd. (FBC MK), a builder, climbed 2 percent to 1.03 ringgit after saying it received a 62.4 million ringgit ($20 million) building contract related to an automotive industrial park from East Coast Economic Region Development Council.
Gamuda Bhd. (GAM MK), a builder which jointly proposed with MMC Corp. (MMC MK) to the government a mass rail project in the Malaysian capital, rose 2.6 percent to 3.98 ringgit, the highest level since Feb. 21, 2008. Prime Minister Najib Razak said in Kuala Lumpur today that the government will announce seven “huge” projects including a mass rail transit soon.
MMC Corp. (MMC MK), a builder and power group, gained 4 percent to 3.12 ringgit, its highest close since June 11, 2008. The company was raised to “outperform” from “neutral” at Credit Suisse Group AG, which said the company is a beneficiary of improving ties between Malaysia and Singapore and is a “laggard play” on the government’s mass rapid transit project. The brokerage raised its share-price estimate to 3.80 ringgit from 2 ringgit, according to a report by Annuar Aziz.
PBA Holdings Bhd. (PBAH MK), a water treatment operator, advanced 7.5 percent to 1 ringgit, its highest level since June 12, 2009, after saying it will increase water rates in Penang state by 27 percent for trade consumers.
Silk Holdings Bhd. (SIB MK), a toll-road operator and oil and gas services provider, climbed 7.1 percent to 37.5 sen, the most since June 3, after saying profit in the fourth quarter ended July 31 surged to 11.6 million ringgit from 4.7 million ringgit a year earlier.
Subur Tiasa Holdings Bhd. (STH MK), a timber group, slid 2.2 percent to 2.21 ringgit, the most since Aug. 26, after saying profit in the fourth quarter ended July 30 fell 28 percent from a year earlier to 6.25 million ringgit as revenue declined.
Time Engineering Bhd. (TIM MK), a telecommunications services provider, jumped 11 percent to 44 sen, the largest increase since Jan. 4, after UEM Group Bhd. Chief Executive Officer Izzaddin Idris said “a few parties” have expressed interest in buying its stake in Time.