Malaysia Stocks: ECM, Esso, Ho Wah, K&N Kenanga, OSK, Sunway
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. close in Kuala Lumpur, unless stated otherwise.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index was little changed at 1,555.48.
Brokerages: ECM Libra Financial Group Bhd. (ECML) jumped 7.8 percent to 97 sen, its highest close since Oct. 12, 2007, and K&N Kenanga Holdings Bhd. (KNK) rose 5.7 percent to 83.5 sen. The Edge weekly newspaper reported that the two stockbroking and investment banking groups were considering a merger, citing unidentified people familiar with the matter.
ECM Libra spokeswoman Maureen Jeyasooriar didn’t respond to an e-mail or a phone call seeking comment. K&N Kenanga Chief Executive Officer Lee Kok Khee wasn’t available for comment when contacted by Bloomberg at his office.
Esso Malaysia Bhd. (ESSO) rose 4 percent to 4.20 ringgit, the highest close since May 1998, after the Edge weekly newspaper reported that Boustead Holdings Bhd. and its parent Lembaga Tabung Angkatan Tentera may acquire a stake in the local unit of Exxon Mobil Corp. Esso said in a statement it’s unaware of any such plan.
Ho Wah Genting Bhd. (HWG) , a manufacturer of wires and cables, rose 4.1 percent to 75.5 sen, its highest close since Feb. 18. The company said it received a government license to manufacture ferro silicon at the Samalaju Heavy Industrial Park in Sarawak state. Ferro silicon, an alloy of iron and silicon, is mainly used in steelmaking and foundries, the company said in a statement.
IJM Corp. (IJM MK), a builder, climbed 1.6 percent to 6.45 ringgit, the highest since Feb. 22, after the builder and its affiliate won government approval to build the West Coast Highway and extend an existing elevated road.
OSK Holdings Bhd. (OSK) , a stockbroker, added 1.1 percent to 1.82 ringgit, its highest level since Feb. 17. The company said it agreed to buy 48.9 percent of Thailand’s BFIT Securities Pcl for 1.032 billion baht ($34 million), according to a company statement. OSK’s OSK Investment Bank Bhd. unit will buy the stake from Bangkok First Investment & Trust Pcl, it said.
Sunway Holdings Bhd. (SGW) , a construction and property group, advanced 0.9 percent to 2.32 ringgit. The company said it won a 22.6 million ringgit ($7.5 million) contract from Perumahan SLG Central Sdn. to carry out piling works for an office and apartment project in Kuala Lumpur, according to a company statement.
To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at firstname.lastname@example.org