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Malaysian Stocks: Can-One, JCY, Priceworth, Proton, Xidelang

By Gan Yen Kuan

Jan. 5 (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 rose 0.7 percent to 1,514.43, snapping a two-day decline.

Can-One Bhd. (CAN MK), a maker of tin cans, surged 29 percent to 1.37 ringgit, its largest gain on record. The stock exchange queried the company on the “unusual market activity.”

JCY International Bhd. (JCYH MK), a disk-drive components maker, gained 6.8 percent to 1.26 ringgit, its highest close since Aug. 4, 2010. The company expects a 19-fold jump in its 2011 profit because of higher selling prices, it said in a statement.

Priceworth International Bhd. (PWP MK), a timber company, advanced 7.4 percent to 43.5 sen, its highest close since Nov. 24. Its Ligreen (SI) Ltd. unit was appointed a logging contractor in the Solomon Islands, according to a stock exchange filing.

Proton Holdings Bhd. (PROH MK), the national carmaker, added 3.3 percent to 5.04 ringgit, its highest close since Nov. 7, 2007. Chairman Mohd Nadzmi Mohd Salleh confirmed that he submitted a bid to buy Khazanah Nasional Bhd.’s 43 percent stake in Proton, the Star newspaper reported. Mohd Nadzmi couldn’t be reached for comment by Bloomberg News when phoned at his office today.

UEM Land Holdings Bhd. (ULHB MK), a property developer, climbed 2.2 percent to 2.28 ringgit, its biggest increase since Dec. 22. Malaysia’s property industry was upgraded to “neutral” from “underweight,” Loong Kok Wen, an analyst at RHB Capital Bhd., wrote in a report today. UEM Land was rated “trading buy” with a so-called fair value of 2.38 ringgit.

Xidelang Holdings Ltd. (XIDE MK), a China-based footwear maker, jumped 12 percent to 41 sen, its highest close since July 6. Navis Capital Partners Ltd. may be interested in acquiring a controlling stake in the Kuala Lumpur-listed company, Xidelang said in a statement.

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