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Malaysia Stocks: Boustead Heavy, Hai-O, Kuantan Flour, Integrax

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March 24 (Bloomberg) -- Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 5 p.m. close in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI Index rose 1.87, or 0.1 percent, to 1,513.84, its fifth day of gains.

Boustead Heavy Industries Corp. (BHIC MK), a shipbuilder, rose 4 percent to 3.94 ringgit, the most since Feb. 7. HwangDBS Vickers Research Sdn. said the stock is a “bargain” considering its growth prospects. The company was rated “buy” in new coverage with a share estimate of 6.55 ringgit, Chong Tjen San, an analyst at HwangDBS, wrote in a report today.

Hai-O Enterprise Bhd. (HAIO MK), a seller of traditional healthcare products, dropped 4.4 percent to 2.17 ringgit, its lowest close since Sept. 7, 2009. Hai-O said profit in the third quarter ended Jan. 31 fell 65 percent from a year earlier to 6.35 million ringgit ($2.1 million) after sales dropped, according to a company statement.

Kuantan Flour Mills Bhd. (KFM MK) slid 4.6 percent to 52 sen. The company said it proposed to raise as much as 14.9 million ringgit from a rights offer and private share placement to repay loans and finance its operations. Kuantan Flour also plans a share-capital reduction to reduce accumulated losses, the company said in a statement.

Integrax Bhd. (INTEG MK), a port operator, advanced 3.8 percent to 1.64 ringgit, the highest level since Jan. 19. Tenaga Nasional Bhd. (TNB MK), the biggest power producer, said it paid 106.5 million ringgit for a 22.12 percent stake in Integrax. Tenaga paid 1.60 ringgit per share, according to a stock exchange statement. Tenaga fell 0.8 percent to 6.13 ringgit.

To contact the reporters 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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