Malaysia Stocks: KNM Group, MAA, Notion VTEC, SapuraCrest
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 18.08, or 1.2 percent, to 1,525.92, its biggest drop since March 11.
Oil and gas stocks: KNM Group Bhd. (KNMG) , an oil and gas services provider, lost 3.6 percent to 2.68 ringgit, the most since March 15, after crude oil fell for second day. SapuraCrest Petroleum Bhd. (SCRES) slid 1.9 percent to 3.69 ringgit and Petronas Chemicals Group Bhd. (PCHEM) fell 3.3 percent to 7.05 ringgit.
MAA Holdings Bhd. (MAA) , an insurer, climbed 5.9 percent to 1.44 ringgit, its highest close since Jan. 30, 2008. MAA has applied for approval from Malaysia’s central bank to enter into an agreement to sell its Malaysian Assurance Alliance Bhd. unit and four other subsidiaries to Zurich Insurance Co., according to a company statement.
Notion VTEC Bhd. (NVB) , a metal processor and tools maker, rose 5 percent to 2.30 ringgit, the highest since Aug. 2 after saying its controlling shareholders have been approached by a party who wants to acquire the entire business of the company. Notion VTEC hasn’t received any proposal yet and negotiations are still ongoing, the company said in a statement.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org
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