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 0.3 percent to 1,624.29, a record close.
Plantation stocks: TSH Resources Bhd. (TSH MK) surged 11 percent to 2.80 ringgit, a record close. IJM Plantations Bhd. (IJMP MK) advanced 6.3 percent to 3.72 ringgit, its highest close since May 29, 2008. Tradewinds Plantation Bhd. (TWPB MK) gained 4.4 percent to 5.25 ringgit, the most since April 10.
Palm-oil stockpiles in Malaysia, the world’s second-largest producer after Indonesia, slumped to the lowest level in 14 months in June as exports surpassed output, the Malaysian Palm Oil Board said in a statement today. “The better demand as well as signs of tight supplies is likely to give a boost for crude palm oil prices,” Ker Chung Yang, an analyst at Phillip Futures Pte., said by phone from Singapore.
Coastal Contracts Bhd. (COCO MK) climbed 1.5 percent to 2.02 ringgit, its highest close since May 11. The shipbuilder won orders for 12 vessels valued at 446 million ringgit ($140 million) in total, it said in an exchange filing.
Iris Corp. (ICB MK), a technology-consulting company, advanced 3.1 percent to 16.5 sen. The company agreed to buy 51 percent of Oil Field Services Ltd. for an indicative price of $3.5 million, Iris said in a statement. Dubai-based Oil Field Services has an agreement with the Iraqi government to generate electricity in Basrah, Iraq, Iris said.