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Malaysia Stocks: AirAsia, Genting, TRC, Malaysian Resources

By Chan Tien Hin

Oct. 17 (Bloomberg) -- Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.

Malaysia’s FTSE Bursa Malaysia KLCI Index rose 22.92, or 1.6 percent, to 1,465.35, its highest close since Sept. 9.

AirAsia Bhd. (AIRA MK), Asia’s biggest budget carrier, jumped 5.9 percent to 3.59 ringgit, its highest close since Aug. 23. The stock was rated “overweight” in new coverage at HSBC Holdings Plc, with a share price estimate of 3.70 ringgit.

Eng Teknologi Holdings Bhd. (ENG MK) fell 3.3 percent to 1.74 ringgit, its lowest level since June 24, after the electronic components maker was cut to “sell” from “buy” at OSK Holdings Bhd. Its so-called fair value was reduced to 1.45 ringgit from 2.50 ringgit, OSK said in a report today, adding that flooding at Eng’s Thai factory made it “even more cautious” about a buyout offer.

Genting Malaysia Bhd. (GENM MK), a casino and hotel operator, added 1.1 percent to 3.69 ringgit. The stock was rated “new buy” at Hong Leong Financial Group Bhd., which cited the company’s earnings resilience. Its parent Genting Bhd. (GENT MK) advanced 2.2 percent to 10.12 ringgit.

TRC Synergy Bhd. (TRC MK), a builder, advanced 5.8 percent to 64 sen, the largest increase since Aug. 15. TRC won a 318.9 million ringgit ($103 million) contract to upgrade Brunei’s international airport terminal, it said in a statement.

Malaysian Resources Corp. (MRC MK), a property and construction group, added 4.3 percent to 1.96 ringgit, its highest level since Sept. 13. Malaysian Resources won a 46.5 million ringgit contract to construct a breakwater as part of a river-rehabilitation project in Pahang state, it said in a statement.

Zhulian Corp. (ZHCB MK), a multi-level marketing company, gained 3 percent to 1.71 ringgit, its highest close since Aug. 8, after it said third-quarter profit climbed 23 percent to 24.3 million ringgit.

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