Malaysia Stock Movers: IOI, Tenaga Nasional, Malaysian Pacific
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index declined 1.3 percent to 1,470.84, bound for the sharpest loss since Oct. 18.
IOI Corp. (IOI MK), a Malaysian palm oil producer, dropped 1.9 percent to 5.07 ringgit, set for its lowest close since Oct. 24. The company scrapped plans to buy plantation land for 830 million ringgit ($264 million).
Malaysian Pacific Industries Bhd. (MPI) , the nation’s second-biggest listed chip-maker by market value, fell 4 percent to 3.09 ringgit, set for the biggest drop since Aug. 8. Yap Huey Chiang, an analyst at RHB Capital Bhd., warned of a “persistent” inventory glut in the industry, according to a report today. The analyst has an “underperform” rating on the stock.
Tenaga Nasional Bhd. (TNB) , Malaysia’s biggest power producer, fell 2.2 percent to 5.79 ringgit, set for its biggest decline since Nov. 3. The company’s outlook was revised to negative by rating company Standard & Poor’s.
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