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Malaysia Stocks: Alliance Financial, Esso, Malaysia Airports

By Chan Tien Hin

Aug. 18 (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. trading close in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI Index rose 0.23 point, or less than 0.1 percent, to 1,503.30.

Alliance Financial Group Bhd. (AFG MK), a banking group, rose 2 percent to 3.52 ringgit, its highest close since Aug. 4. Alliance’s share-price estimate was raised to 4.19 ringgit from 3.70 ringgit to reflect its earnings and dividend growth prospects, Hong Leong Investment Bank Bhd. wrote in a report today.

Esso Malaysia Bhd. (ESSO MK) dropped 19 percent to 4.03 ringgit, its steepest drop on record. San Miguel Corp. agreed to buy Exxon Mobil Corp.’s 65 percent stake in Esso Malaysia for about $206 million, or 3.50 ringgit a share, according to a company statement. The acquisition price represents a 29 percent discount to Esso Malaysia’s closing price of 4.95 ringgit yesterday.

Malaysia Airports Holdings Bhd. (MAHB MK) climbed 2.3 percent to 6.65 ringgit, a record close, after the stock was raised to “buy” from “sell” at Citigroup Inc., which said higher passenger service charges and aircraft landing and parking fees will help bolster earnings.

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