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Malaysian Stocks: Coastal, Magni-Tech, MHC, Scientex, Texchem

By Gan Yen Kuan

March 22 (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 0.71 point, or less than 0.1 percent, to 1,583.24. That’s its fourth day of gains, the highest close since March 6.

Coastal Contracts Bhd. (COCO MK), a shipbuilder, fell 2.6 percent to 2.24 ringgit, its lowest close since Jan. 30. The company scrapped a joint venture agreement for the bidding of oil and gas projects, it said in a statement.

Daya Materials Bhd. (DAYA MK), an oil and gas and construction group, climbed 2.6 percent to 20 sen, its highest close since March 1. The company won a 62 million-ringgit ($20 million) building contract in the northern state of Penang, it said in a statement.

Magni-Tech Industries Bhd. (MTI MK), a manufacturer of packaging products, rose 3.3 percent to 1.26 ringgit, its highest close since Feb. 24. Third-quarter net income jumped 76 percent from a year earlier to 7.9 million ringgit, the company said in a stock-exchange filing.

MHC Plantations Bhd. (MHC MK), an oil-palm and rubber planter, jumped 11 percent to 1.77 ringgit, a record close. The company proposed a two-for-five bonus share issue and a bonus issue of warrants, it said in a statement.

Scientex Bhd. (SCI MK), a chemicals company, added 1.2 percent to 2.54 ringgit, the most since Feb. 9. Second-quarter profit grew to 20.2 million ringgit from 19.1 million ringgit a year earlier, it said in an exchange filing.

Texchem Resources Bhd. (TEX MK), which trades specialty chemicals and manufactures industrial packaging products, surged 9.3 percent to 64.5 sen. The company agreed to sell a 70 percent stake each in two units in Malaysia and Indonesia to Japan’s Fumakilla Ltd. for $42.4 million, Texchem said in a statement.

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