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Malaysia Stocks: Kencana Petroleum, KL Kepong, Silk Holdings

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July 12 (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 10.48 points, or 0.7 percent, to 1,578.10, its biggest drop since June 13.

Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK MK) dropped 1.8 percent to 22.40 ringgit, the most since April 11. PLS Plantations Bhd. (PLS MK) fell 5 percent to 1.15 ringgit and TH Plantations Bhd. (THP MK) slid 1 percent to 2.08 ringgit.

Malaysian palm-oil prices may fall below 3,000 ringgit ($991) a metric ton this month as consumers may defer purchases in anticipation of lower prices, CIMB Investment Bank Bhd. said in a report today.

Kencana Petroleum Bhd. (KEPB MK) rose 5 percent to 2.94 ringgit, a record close, after receiving a proposal to merge with SapuraCrest Petroleum Bhd. (SCRES MK) in an 11.9 billion ringgit deal to create Malaysia’s largest listed oilfield services company by assets. SapuraCrest gained 0.2 percent to 4.50 ringgit.

Silk Holdings Bhd. (SIB MK), an oil and gas services provider, climbed 11 percent to 29.5 sen, the steepest rise since Oct. 29, 2009, after winning four charter contracts valued at 39.8 million ringgit to supply vessels to Petronas Carigali Sdn.

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at

To contact the editor responsible for this story: Darren Boey at

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