Malaysia Stocks: Ajiya, Mah Sing, Mitrajaya, Sapura, SP Setia
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. local-time break in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index rose 7.12, or 0.5 percent, to 1,562.76, snapping a four-day slide.
Property stocks: Mah Sing Group Bhd. (MSGB) led gains among property stocks after CIMB Investment Bank Bhd. said in a report the recent sell-off in their shares was overdone. Mah Sing jumped 12 percent to 2.49 ringgit, set for the biggest increase since March 2007. It was the stock’s first gain in eight days.
Malaysian Resources Corp. (MRC MK) advanced 2.3 percent to 2.25 ringgit, after losing 3.1 percent yesterday. SP Setia Bhd. (SPSB) added 0.5 percent to 3.77 ringgit, snapping eight straight days of declines.
Ajiya Bhd. (AJY) , a building materials supplier, rose 2.3 percent to 1.80 ringgit, bound for its highest close since June 9, after second-quarter net income climbed 13 percent from a year earlier to 7.2 million ringgit ($2.4 million).
Mitrajaya Holdings Bhd. (MHB) , a builder, advanced 0.9 percent to 59 sen, headed for the highest close since July 14. Mitrajaya won a 13.5 million-ringgit contract to build a freshwater laboratory complex, according to an exchange filing.
Sapura Resources Bhd. (SRB) , an automotive retailer, climbed 0.9 percent to 1.08 ringgit. Sapura agreed to build and develop an office tower, convention center and retail podium in Kuala Lumpur with KLCC (Holdings) Sdn. The agreement is part of Sapura’s plan to venture into property development, the company said in a statement.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at email@example.com