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Malaysia Stocks: DRB-Hicom, Hai-O Enterprise, IJM, MMC, SYF

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Dec. 20 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index fell 4.00, or 0.3 percent, to 1,495.88 at the 5 p.m. close in Kuala Lumpur, its lowest level since Dec. 1.

DRB-Hicom Bhd. (DRB MK), an auto and financial services group, rose 8.4 percent to 1.93 ringgit, its highest close since Oct. 31, 2007, before a planned signing of an agreement tomorrow with Volkswagen AG to assemble selected models of Volkswagen cars in Malaysia. DRB-Hicom will sign a collaboration and license agreement with Volkswagen on Dec. 21, according to a media invitation.

Hai-O Enterprise Bhd. (HAIO MK), a seller of traditional health-care products, fell 3.8 percent to 2.82 ringgit, its lowest close since Nov. 26, 2009. The company said profit in the second quarter ended Oct. 31 dropped 70 percent from a year earlier to 6.13 million ringgit ($1.95 million) as sales tumbled.

IJM Corp. (IJM MK), a builder and property group, advanced 2.2 percent to 6.41 ringgit, its highest close since May 4, 2007. The company said it won a 460.59 million ringgit building contract from Naza TTDI Construction Sdn. The contract is related to the superstructure works for an office development in Kuala Lumpur, the company said in a statement.

MMC Corp. (MMC MK), a builder, climbed 0.7 percent to 2.90 ringgit, the highest level since Nov. 22. The company and Gamuda Bhd. (GAM MK) were awarded a passenger rail network project in Kuala Lumpur by the government. Gamuda slid 1.3 percent to 3.78 ringgit, after it earlier rose as much as 2.6 percent. Gamuda gained 2.7 percent on Dec. 17.

SYF Resources Bhd. (SYF MK), a home furnishings company, fell 3.9 percent to 25 sen, its lowest close since Aug. 12, after saying it plans a capital reduction and a one-for-one rights offer.

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net.

To contact the editor responsible for this story: Darren Boey in Hong Kong at dboey@bloomberg.net

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