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Malaysia Stocks: Ajiya, Bursa, Mah Sing, Malaysian Resources

By Chan Tien Hin

July 20 (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 6.95 points, or 0.5 percent, to 1,562.59, snapping a four-day slide.

Property stocks: Mah Sing Group Bhd. (MSGB MK) led gains among property stocks after CIMB Investment Bank Bhd. said in a report the recent sell-off in their shares was overdone. Mah Sing jumped 13 percent to 2.51 ringgit, the biggest increase since March 2007. It was the stock’s first gain in eight days.

Malaysian Resources Corp. (MRC MK) advanced 2.3 percent to 2.25 ringgit, after losing 3.1 percent yesterday.

Ajiya Bhd. (AJY MK), a building materials supplier, rose 2.8 percent to 1.81 ringgit, the biggest gain since May 31, after second-quarter net income climbed 13 percent from a year earlier to 7.2 million ringgit ($2.4 million).

Bursa Malaysia Bhd. (BURSA MK) added 1.3 percent to 7.73 ringgit after the stock exchange operator’s rating was raised to “buy” from “hold” at TA Securities Holdings Bhd. Bursa was also upgraded to “hold” from “sell” at Maybank Investment Bank Bhd.

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