Malaysia Stock Movers: AirAsia, Mah Sing, SP Setia, TA Global
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.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index tumbled 31.23 points, or 2.2 percent, to 1,387.81, its steepest slide since Oct. 28, 2008.
Property stocks: Mah Sing Group Bhd. (MSGB) and SP Setia Bhd. (SPSB) dropped after Kenanga Investment Bank Bhd. cut the Malaysian property developers’ stock ratings to “underperform” from “outperform.” Mah Sing slid 6.8 percent to 1.65 ringgit, its lowest close since June 4, 2010. SP Setia lost 4.1 percent to 3.06 ringgit, the lowest level since Oct. 4, 2010.
AirAsia Bhd. (AIRA) , Asia’s biggest budget carrier, tumbled 8.2 percent to 2.90 ringgit, its lowest close since April 29. Macquarie Group Ltd. cut the share price estimate for AirAsia to 4.15 ringgit from 4.44 ringgit after reducing its earnings forecasts, it said in a report.
TA Global Bhd. (TAGB) , a property and hotel group, dropped 1.7 percent to 28.5 sen, a record low, after saying domestic housing demand is expected to “soften” this financial year and global volatility may hurt revenue growth at its hotel operations.
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