Malaysia Stocks: Eastern, Europlus, Gamuda, SP Setia, Top Glove
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. trading close in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 22.86 points, or 1.6 percent, to 1,446.26, its biggest drop since Aug. 9.
Property stocks: SP Setia Bhd. (SPSB) led property developers lower after the industry was cut to “market weight” from “overweight” at UOB-Kay Hian Holdings Ltd., which said the property valuation cycle has peaked.
SP Setia dropped 5 percent to 3.43 ringgit, the most since Nov. 30, 2009. TA Global Bhd. (TAGB MK) slid 4.7 percent to 30.5 sen and UOA Development Bhd. (UOAD MK) lost 3.3 percent to 1.46 ringgit.
Eastern & Oriental Bhd. (EAST) , a property developer, rose 2.5 percent to 1.64 ringgit, snapping a three-day decline, after Sime Darby Bhd. (SIME) completed the purchase of a 30 percent stake in the company at 2.30 ringgit a share.
Gamuda Bhd. (GAM) , a builder and property group, slid 4.3 percent to 2.90 ringgit, its lowest since June 2, 2010, after its so-called fair value was reduced to 4.10 ringgit from 4.45 ringgit at Malayan Banking Bhd.
Kumpulan Europlus Bhd. (KEUR) , a builder, gained 1.9 percent to 1.07 ringgit, the highest close since Aug. 4, after the Edge newspaper reported that the company is close to signing an agreement with the government to construct and operate a 6 billion ringgit ($1.98 billion) expressway. Kumpulan Europlus President Chan Ah Chye couldn’t be immediately reached for comment at his office.
Top Glove Corp. (TOPG MK), the world’s biggest rubber-glove maker, slid 6.8 percent to 4.28 ringgit, its lowest close since Nov. 17, 2009. The stock was cut to “sell” from “neutral” at OSK Holdings Bhd., which reduced its fiscal 2011-2012 earnings forecasts to reflect higher costs.
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