By Chan Tien Hin
May 23 (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 fell 12.05, or 0.8 percent, to 1,528.98, the biggest drop since April 12.
AirAsia Bhd. (AIRA MK), Southeast Asia’s biggest budget airline, slid 2.9 percent to 3.04 ringgit, its first drop in three days. The carrier’s stock rating was cut to “hold” from “buy” at Maybank Investment Bank Bhd. on concerns over higher oil price volatility and an oversupply of capacity, analyst Wong Chew Hann wrote in a report today.
Coastal Contracts Bhd. (COCO MK), a shipbuilder, dropped 2.5 percent to 3.49 ringgit, its lowest close since May 4. Coastal mutually agreed to end an agreement with Ramunia Holdings Bhd. (RH MK) to jointly bid for projects in the oil and gas industry, according to an exchange filing. Ramunia slid 3.8 percent to 50.5 sen.
Malaysian Airline System Bhd. (MAS MK) slid 3 percent to 1.64 ringgit, the lowest since December 2001, after an estimate for its shares was cut at Maybank Investment Bank, which cited earnings concerns due to higher fuel prices and reduced travel. The share-price estimate was reduced to 1.80 ringgit from 2.55 ringgit, Maybank’s Wong wrote in a report today.
Malaysia Smelting Corp. (SMELT MK), the world’s third-biggest tin producer, rose 4.1 percent to 5.07 ringgit, its highest close since Oct. 18. The company signed an agreement with the Democratic Republic of Congo to develop mineral concessions, Congo’s mines minister said. The company will take over mineral concessions in Maniema, North Kivu and South Kivu provinces from the government-owned miner Sakima, Mines Minister Martin Kabwelulu said on May 21.
Mulpha International Bhd. (MIT MK), a property developer, advanced 4.9 percent to 53.5 sen, the most since April 6, after first-quarter net income more than tripled from a year earlier to 178.7 million ringgit ($58 million).
MK Land Holdings Bhd. (MKL MK), a property developer, gained 2.6 percent to 39 sen, the biggest increase since May 10, after profit in the third quarter ended March 31 more than tripled to 7.23 million ringgit.
Petrol One Resources Bhd. (PORB MK), an oil and gas services provider, lost 4.4 percent to 1.53 ringgit, the steepest drop since Dec. 24. Petrol One proposed to raise as much as 62.7 million ringgit from a rights offer and share placement to help fund expansion and repay bank borrowings, according to a company statement.