Malaysia Stocks: Ramunia Holdings, Supermax, Tenaga Nasional
Malaysia’s FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 10.39 points, or 0.7 percent, to 1,437.61, its lowest close since Sept. 8, 2010.
Ramunia Holdings Bhd. (RH) , an oil and gas services provider, slid 4.6 percent to 42 sen, its steepest decline since Aug. 16. Net profit in the third quarter ended July 31 dropped 87 percent to 2.04 million ringgit, the company reported.
Supermax Corp. (SUCB MK), a rubber-glove maker fell for a seventh day, dropping 10 percent to 2.32 ringgit, the biggest loss since September 2001. Executive Chairman Stanley Thai said the share slump may be due to foreign funds “taking profit.”
“We have a high percentage of institutional shareholdings,” he said in an interview today. “When they exit or take profit, our counter gets hit. This is a good time where there is a good bargain for people who understand our industry.”
Tenaga Nasional Bhd. (TNB) , Malaysia’s biggest power producer, fell 1.7 percent to 5.12 ringgit, its lowest close since Sept. 7. The stock’s “fair value” was cut to 6.24 ringgit from 7.53 ringgit at OSK Holdings Bhd., which said Tenaga may continue to record losses on higher fuel costs and slower demand growth.
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