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Malaysia Stock Movers: Guan Chong, IOI, Malaysian Pacific, SEG

By Ian Sayson

Nov. 10 (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.

The FTSE Bursa Malaysia KLCI Index declined 1.1 percent to 1,472.65, the sharpest loss since Oct. 18.

Guan Chong Bhd. (GUAN MK), Malaysia’s largest cocoa processor, climbed 2.4 percent to 2.57 ringgit, the highest close since Sept. 15. The company said third-quarter net income increased to 25.9 million ringgit ($8.2 million) from 17.9 million ringgit a year earlier.

IOI Corp. (IOI MK), a Malaysian palm oil producer, dropped 2.3 percent to 5.05 ringgit, its lowest close since Oct. 24. The company scrapped plans to buy plantation land for 830 million ringgit.

Malaysian Pacific Industries Bhd. (MPI MK), the nation’s second-biggest listed chip-maker by market value, fell 3.1 percent to 3.12 ringgit, the sharpest loss since Sept. 26. Yap Huey Chiang, an analyst at RHB Capital Bhd., warned of a “persistent” inventory glut in the industry, according to a report today. The analyst has an “underperform” rating on the stock.

SEG International Bhd. (SYS MK), an investment holding company, advanced 1.6 percent to 1.89 ringgit, the highest close since Aug. 8. The company’s third-quarter net income rose to 18.3 million ringgit from 11 million ringgit a year earlier.

Tenaga Nasional Bhd. (TNB MK), Malaysia’s biggest power producer, fell 2.2 percent to 5.79 ringgit after the company’s outlook was revised to negative by Standard & Poor’s.

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