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Malaysia Stocks: Integrated Rubber, Merge, United Malacca

By Chan Tien Hin

June 30 (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 for a third day, adding 4.06 points, or 0.3 percent, to 1,579.07, extending gains to a record. The measure advanced 2.2 percent this quarter, a fourth straight increase.

Integrated Rubber Corp. (IRCB MK), a manufacturer of examination gloves, dropped 2.8 percent to 17.5 sen, the biggest loss since June 20. The company had a net loss of 5.92 million ringgit ($1.96 million) in the first quarter ended April 30, compared with a profit of 326,000 ringgit a year earlier, it said in a statement.

Kinsteel Bhd. (KSB MK), a steelmaker, gained 0.7 percent to 72.5 sen, the highest close since May 31, after the stock was raised to “neutral” from “sell” at OSK Research Sdn. to reflect its earnings growth prospects.

Malaysian Resources Corp. (MRC MK), a property developer, rose 1.8 percent to 2.23 ringgit after it agreed to collaborate with the Korean Teachers’ Credit Union on future projects.

Merge Housing Bhd. (MERG MK), a property developer, jumped 4.9 percent to 64 sen, its highest close since March 25, 2010. Merge received a buyout offer at 65 sen a share from two of its biggest shareholders, according to a company statement.

United Malacca Bhd. (UMR MK), an oil palm and rubber producer, advanced 1.4 percent to 7.07 ringgit, the biggest advance since June 7, after profit in the fourth quarter ended April 30 surged 60 percent to 22.8 million ringgit.

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