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Malaysia Stocks: Hirotako Holdings, LCL, Mulpha, Top Glove

By Chan Tien Hin

Dec. 16 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index fell 11.58, or 0.8 percent, to 1,497.52 at the 5 p.m. close in Kuala Lumpur, its second day of declines. That’s the measure’s lowest close since Dec. 1.

Hirotako Holdings Bhd. (HIRO MK), a car safety-belt maker, rose 3.4 percent to 1.51 ringgit, its highest close since April 1997, after proposing a bonus issue of warrants to shareholders.

LCL Corp. (LCL MK), an interior designer, plunged 63 percent to 1.5 sen, a record low. The Kuala Lumpur stock exchange said the company’s shares will be suspended from Dec. 23 for failing to submit a plan to restore its finances on time.

Mulpha International Bhd. (MIT MK), a property developer and hotels group, advanced 1.9 percent to 54.5 sen, its highest close since Nov. 10, after agreeing to sell the Hilton Melbourne Airport Hotel for A$108.9 million.

Top Glove Corp. (TOPG MK), the world’s biggest rubber-glove maker, fell 6.1 percent to 5.12 ringgit, the most since Aug. 16, 2007, after brokerages from Citigroup Inc. to RHB Research Institute Sdn. cut their share-price forecasts. The stock estimate was reduced to 6.15 ringgit from 6.70 ringgit at Citigroup, while RHB cut its fair value to 4.10 ringgit from 5.40 ringgit. Top Glove yesterday reported a 45 percent drop in fiscal first-quarter net income on higher latex costs and a weaker dollar.

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