Malaysia Stock Movers: Envair Holdings, Tenaga Nasional, Zelan
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index rose 0.7 percent to 1,491.89, its fifth day of gains and the highest since Aug. 18. The gauge advanced 7.6 percent this month, the first advance since June and the steepest increase since July 2009.
Envair Holding Bhd. (ENHB) , an air pollution control systems provider, climbed 6.5 percent to 41 sen, its highest close since May 17, 2007. ZAI Corporate Finance Ltd. plans to make an offer to buy as much as 30 percent of new shares in Envair, it said in a statement.
Tenaga Nasional Bhd. (TNB) , Malaysia’s biggest power producer, rose 2.1 percent to 5.98 ringgit, erasing an earlier drop of as much as 2.7 percent. The “worst is over” for Tenaga as its earnings for fiscal 2012 will rebound, CIMB Group Holdings Bhd. said in a report today. The utility’s rating was also upgraded to “market perform” from “underperform” at RHB Capital Bhd.
Zelan Bhd. (ZELN MK), a construction company, jumped 9.9 percent to 39 sen, its highest close since July 27. Zelan received a letter of intent for subcontracting works for a power plant from Mudajaya Corp. valued at as much as 300 million ringgit, it said in a statement. The contract is subject to Mudajaya’s group being appointed as main contractor, Zelan said.
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