Bumiputra-Commerce Holdings Bhd dropped 25 sen, or 3.6 per cent, to RM6.75, the largest decline since December 9, making it the third-worst performer on the benchmark Composite Index. Malaysia’s second-biggest bank by assets was downgraded to “neutral” from “buy” at UBS AG, saying the gain in its share price may be limited.
Gamuda Bhd advanced 10 sen, or 5.3 per cent, to RM2, the most since December 10, making it the largest gainer on the benchmark Composite Index. The Employees Provident Fund bought 1.75 million shares in Malaysia’s second-biggest builder, lifting its stake to 6.8 per cent, a stock exchange filing showed.
Hong Leong Financial Group Bhd rose 8 sen, or 1.8 per cent, to RM4.50, the highest close since September 26. Credit Suisse Group said a possible sale of a stake in Hong Leong Financial’s insurance unit could be a “positive re-rating catalyst.” The stock offers cheaper exposure to its listed unit Hong Leong Bank Bhd, it said.
SP Setia Bhd advanced 4 sen, or 1.2 per cent, to RM3.46, its steepest gain in a week. State-run fund manager Permodalan Nasional Bhd bought 2 million shares in Malaysia’s largest property developer, lifting its stake to 6.1 per cent, a stock exchange filing showed.
Tenaga Nasional Bhd, Malaysia’s largest power producer, dropped 5 sen, or 0.8 per cent, to RM6.40, its lowest close in almost a week. Malaysia will discuss a plan to reduce gas and electricity prices at a cabinet meeting today, the New Straits Times reported, citing Energy, Water & Communications Minister Shaziman Abu Mansor. The meeting will discuss how state oil and gas company Petroliam Nasional Bhd may lower the price of gas sold to power producers to enable a reduction in electricity rates, the newspaper said, citing Shaziman.
Telekom Malaysia Bhd rose 8 sen, or 2.5 per cent, to RM3.26, the highest level since November 11. The state-owned phone operator was raised to “hold” from “sell” at AmResearch Sdn Bhd, citing higher broadband contributions to 2009 and 2010 earnings and lower depreciation charges. “More importantly, we are upbeat” with Telekom’s dividend commitment of a 90 per cent payout, the report said today. Separately, the Employees Provident Fund made net purchases of 772,000 shares in the phone operator, lifting its stake to 15.6 per cent, a stock exchange filing showed.
UMW Holdings Bhd added 10 sen, or 1.8 per cent, to RM5.65, the highest level since October 23. The automaker and heavy-equipment manufacturer said it agreed to buy 60 per cent of Synergistic Generation Sdn Bhd, a provider of power generator designs and equipment packagers for the oil and gas industry, for RM10 million. - Bloomberg