Malaysia Stocks: IOI, Alliance, Axiata, KL Kepong, Hong Leong
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.
Malaysia’s FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 10.97 points, or 0.7 percent, to 1,463.12.
Plantation stocks: IOI Corp. (IOI MK) slid 1.9 percent to 4.70 ringgit after palm-oil prices declined today. Kuala Lumpur Kepong Bhd. (KLK) lost 2.2 percent to 21.20 ringgit and Hap Seng Plantations Holdings Bhd. (HAPL) declined 1.4 percent to 2.80 ringgit.
Banks: Bank stocks including Alliance Financial Group Bhd. (AFG) dropped after ECM Libra Capital Sdn. said their valuations are “not compelling” amid slowing loan growth. Alliance dropped 3.6 percent to 3.45 ringgit, the most since Aug. 26. Affin Holdings Bhd. (AHB) lost 2.4 percent to 2.90 ringgit and Hong Leong Financial Group Bhd. (HLFG) fell 2 percent to 11.64 ringgit.
Axiata Group Bhd. (AXIATA) slid 1.1 percent to 4.65 ringgit, the lowest close since Aug. 25. JPMorgan Chase & Co. said in a report the mobile-phone operator’s earnings estimates may be cut on “stalling” growth at its local and Indonesian operations.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org