Malaysia Stocks: Dialog, IJM Land, KL Kepong, MK Land, Poh Huat
Malaysia’s FTSE Bursa Malaysia KLCI Index rose 14.51, or 1 percent, to 1,533.42 at the 5 p.m. close in Kuala Lumpur, a record high. The market was shut on Dec. 31.
The gauge climbed 19 percent last year, extending 2009’s 45 percent advance. RHB Capital Bhd., Malaysia’s fifth-biggest banking group, was the best performer with a 65 percent gain, while Malaysian Airline System Bhd. posted the biggest decline in 2010 with a 5.6 percent slide.
Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK MK) led plantation stocks higher after palm oil futures climbed to the highest level since March 2008. The stock gained 1.3 percent to 22.38 ringgit. Hap Seng Plantations Bhd. (HAPL MK) gained 5.4 percent to 3.53 ringgit while Sime Darby Bhd. (SIME MK) added 1.7 percent to 8.95 ringgit.
Dialog Group Bhd. (DLG MK), an oil and gas services provider, advanced 4.5 percent to 1.87 ringgit, a record close after winning a 64.6 million ringgit ($21 million) contract to build a cooling tower for Asean Bintulu Fertilizer Sdn.
IJM Land Bhd. (IJMLD MK), a property developer, dropped 3.2 percent to 2.77 ringgit, its lowest close since Nov. 16. The company and Malaysian Resources Corp Bhd. (MRC MK) said they abandoned a 6.4 billion ringgit plan to combine after failing to agree on merger terms, according to separate company statements. Malaysian Resources added 0.5 percent to 2 ringgit.
MK Land Holdings Bhd. (MKL MK), a developer, advanced 6.7 percent to 40 sen, its highest level since Nov. 9 after agreeing to sell land to Foster Estate Sdn. for 130 million ringgit.
Poh Huat Resources Holdings Bhd. (PHR MK), a furniture maker, gained 3.5 percent to 44 sen, the most since Sept. 29. The company said it had a profit of 1.7 million ringgit in the fourth quarter ended Oct. 31 compared with a loss of 2 million ringgit a year earlier as sales climbed.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at email@example.com
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