Malaysian Stock Movers: Boustead, Cypark, Malaysian Air, Proton
The FTSE Bursa Malaysia KLCI Index fell 1.1 percent to 1,513.54. The decline is the most since Nov. 25, snapping a seven-day, 4.5 percent rally.
Boustead Holdings Bhd. (BOUS) , a plantation, property and heavy industries group, added 2.6 percent to 5.93 ringgit, its highest close since July 13. Its unit MHS Aviation Bhd., which provides air transport services to the oil and gas industry, agreed to buy 16 aircraft for 586.2 million ringgit ($186 million) from DRIR Management Sdn. and DRIR Rotor Sdn., according to a stock-exchange filing.
Cypark Resources Bhd. (CYP) , an environmental and landscaping services provider, lost 1.4 percent to 1.43 ringgit, the biggest slide since Dec. 16. Fourth-quarter net income fell 22 percent from a year earlier to 4.1 million ringgit, it said in a statement.
Malaysian Airline System Bhd. (MAS) , the national carrier, jumped 13 percent to 1.47 ringgit, its largest gain since October 2007. The airline hired Hugh Dunleavy of WestJet Airlines to head the carrier’s network, alliance, strategy and planning unit, and Shihaj Kutty to lead revenue management as part of a new management structure, it said in a statement.
Proton Holdings Bhd. (PROH) , the national carmaker, rose 1.7 percent to 4.90 ringgit, its highest since Dec. 14, 2010. General Motors Co. may buy as much as 50 percent of Proton’s stake in an auto plant in Tanjung Malim for up to 800 million ringgit, the Edge weekly newspaper reported, citing people it didn’t identify. Proton Managing Director Syed Zainal Abidin Syed Mohamed Tahir couldn’t immediately return calls seeking comment.
Proton was also upgraded to “trading buy” from “neutral” at CIMB Group Holdings Bhd., which raised its share- price estimate to 5.45 ringgit from 4.35 ringgit.
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