Malaysia Stocks: Borneo Oil, ETI Tech, Lion, MTD ACPI, Telekom

Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses, and share prices are as of the 5 p.m. close in Kuala Lumpur.

Malaysia’s FTSE Bursa Malaysia KLCI Index fell 16.54, or 1.1 percent, to 1,526.43, its lowest close since Dec. 30. That’s its fifth day of declines, the longest losing streak since a six-day slide through July 5.

Borneo Oil Bhd. (BORNO MK), a restaurant owner and trader of machinery and spare parts, lost 5.9 percent to 71.5 sen, the steepest drop since Nov. 23, after saying it didn’t know the reason for the recent surge in its share price. The company was responding to a stock exchange query after the stock jumped 16 percent on Jan. 19 and 4.1 percent on Jan. 21.

ETI Tech Corp. (ETIT MK), a battery maker, dropped 4.7 percent to 30.5 sen, its biggest decline since Nov. 24. The company said its profit in the first quarter ended Nov. 30 dropped 66 percent from a year earlier to 1.14 million ringgit ($370,000) after sales declined.

Lion Industries Corp. (LLB MK), a manufacturer of steel bars and wire rods, rose 1 percent to 1.98 ringgit, the most since Jan. 13. The company said it proposed to sell 300 million ringgit of Islamic securities to help refinance existing debt. The company’s Antara Steel Mills Sdn. unit will implement the seven-year debt program, it said in a statement.

MTD ACPI Engineering Bhd. (ACP MK), a maker and supplier of precast concrete products, advanced 1.9 percent to 52.5 sen, its largest increase since Dec. 22. The company said it received a takeover offer at 53 sen a share from Alloy Consolidated Sdn., Alloy Concrete Engineering Sdn. and Alloy Capital Sdn.

Telekom Malaysia Bhd. (T MK), a state-controlled fixed-line and internet services provider, fell 1.6 percent to 3.70 ringgit, its steepest drop since Jan. 10. The stock was cut to “neutral” from “buy” at Nomura Holdings Inc., which cited a lack of further “near-term catalysts” after a recent rally in the shares.

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