Malaysia Stocks: Dialog, Mudajaya, Muhibbah, Petronas Chemicals
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index rose 6.03, or 0.4 percent, to 1,523.69, the highest close since Feb. 21.
Oil and gas stocks: Dialog Group Bhd. (DLG) , KNM Group Bhd. (KNMG) and Kencana Petroleum Bhd. (KEPB) rose after AmResearch Sdn. said in a report the companies are expected to bid for portions of the proposed oil and gas hub in Malaysia’s Labuan island. Dialog jumped 8.8 percent to 2.36 ringgit, a record close. KNM added 7.6 percent to 2.85 ringgit and Kencana gained 4.4 percent to 2.63 ringgit.
KESM Industries Bhd. (KESM) , an assembler of electronic components, advanced 5.9 percent to 2.34 ringgit, its biggest increase since June 11. Profit in the second quarter ended Jan. 31 rose 27 percent to 3.31 million ringgit ($1.1 million) on higher sales, the company said in a statement.
Mudajaya Group Bhd. (MDJ) , a builder, gained 3.2 percent to 4.85 ringgit, the most since Jan. 13. The company proposed a bonus share issue to shareholders on the basis of one new share for every three held, according to a company statement.
Muhibbah Engineering (M) Bhd. (MUHI MK), a builder, climbed 5.3 percent to 1.58 ringgit, the highest close since Feb. 21. The company’s profit may at least double this year on rising construction orders, according to UOB-Kay Hian Holdings Ltd. Muhibbah has secured at least 480 million ringgit of orders this year, exceeding the 458 million ringgit of jobs it won in 2010, Vincent Khoo, an analyst at UOB-Kay Hian, wrote in a report.
Petronas Chemicals Group Bhd. (PCHEM) rose 3.9 percent to 6.70 ringgit, its highest level since its listing debut on Nov. 26. Credit Suisse Group AG said in a report the company is a beneficiary of higher oil prices. Analyst earnings upgrades may also boost the share price, the brokerage said.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org