Malaysia Stock Movers: BIMB, RHB Capital, United Malayan Land
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 5 p.m. close in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 4.16 points, or 0.3 percent, to 1,563.19, its first drop in three days.
BIMB Holdings Bhd. (BIMB) , an Islamic bank, rose 6.9 percent to 1.85 ringgit, the steepest gain since June 1, after HwangDBS Vickers Research Sdn. rated the stock a new “buy” to reflect its earnings growth potential. The share estimate was 2.40 ringgit, HwangDBS said in a report today.
RHB Capital Bhd. (RHBC) , a banking group, fell 5.9 percent to 9.03 ringgit, the most since Oct. 24, 2008. Malayan Banking Bhd. (MAY MK) and CIMB Group Holdings Bhd. (CIMB MK) scrapped rival talks to acquire RHB because of concerns over price, two people familiar with the matter said.
CIMB will make a statement in “due course,” it said in an e-mailed statement. RHB Chairman Mohamed Khadar Merican wasn’t available at his office for comment, according to his secretary. Malayan Banking will make an announcement, Tengku Zafrul Tengku Abdul Aziz, chief executive officer of the company’s investment bank unit, told reporters in Kuala Lumpur.
United Malayan Land Bhd. (UML) , a property developer, rose 3.2 percent to 1.96 ringgit, its biggest increase since March 30. The company plans to roll out property projects with a gross development value of almost 1 billion ringgit ($330 million) this year, it said in a statement.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org