Malaysia Stocks: Berjaya, Kinsteel, Merge, United Malacca
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 12:30 p.m. break in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell from a record, losing less than 0.1 percent to 1,574.32. The measure has gained 1.9 percent this quarter, set for a fourth quarterly increase.
Berjaya Corp. (BC MK), a property, insurance and gaming group, slid 0.8 percent to 1.19 ringgit after profit in the fourth quarter ended April 30 fell 28 percent from a year earlier to 103.6 million ringgit ($34 million).
Kinsteel Bhd. (KSB) , a steelmaker, gained 1.4 percent to 73 sen, on course for the highest close since May 27, after the stock was raised to “neutral” from “sell” at OSK Research Sdn. to reflect its earnings growth prospects.
Malaysian Resources Corp. (MRC MK), a property developer, rose 0.9 percent to 2.21 ringgit after it agreed to collaborate with the Korean Teachers’ Credit Union on future projects.
Merge Housing Bhd. (MERG) , a property developer, jumped 4.9 percent to 64 sen, bound for its highest close since March 25, 2010. Merge received a buyout offer at 65 sen a share from two of its biggest shareholders, according to a company statement.
United Malacca Bhd. (UMR) , an oil palm and rubber producer, advanced 1.3 percent to 7.06 ringgit, set for its biggest gain since June 7, after profit in the fourth quarter ended April 30 surged 60 percent to 22.8 million ringgit.
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