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Malaysia Stocks: Genting Plantations, Sunrise, Top Glove

By Chan Tien Hin

Oct. 12 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index fell 0.84, or 0.1 percent, to 1,486.57 at the 5 p.m. close in Kuala Lumpur.

Plantation stocks: Genting Plantations Bhd. (GENP MK) led plantation stocks higher after palm oil futures surged 6 percent to a 26-month high yesterday. Futures fell 1 percent today. Genting Plantations Bhd. (GENP MK) added 5.4 percent to 8.58 ringgit, its highest close since May 27, 2008. Kuala Lumpur Kepong Bhd. (KLK MK) rose 1 percent to 17.88 ringgit. Sime Darby Bhd. (SIME MK) gained 0.7 percent to 8.76 ringgit.

Sunrise Bhd. (SUN MK), a developer, advanced 0.5 percent to 2.13 ringgit, its first gain in three days. The stock was raised to “buy” from “hold” at Maybank Investment Bank Bhd. The company has enjoyed “better-than-expected” sales, analyst Wong Wei Sum said in a report. She raised her share-price estimate to 2.80 ringgit from 1.98 ringgit, according to the report.

Top Glove Corp. (TOPG MK), the world’s biggest rubber-glove maker, advanced 1.3 percent to 5.65 ringgit, the highest close since Oct. 6. The company expects demand for rubber gloves to continue to grow 10 percent every year as industry prospects are good, Chairman Lim Wee Chai said at a media briefing in Kuala Lumpur today.

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