It’s the measure’s biggest weekly advance since April 10. The index climbed to its highest close since September 24.
Bumiputra-Commerce Holdings Bhd, Malaysia’s second-biggest banking group, decreased 1.7 per cent to RM8.80, its steepest loss since April 27.
The bank will spend RM600 million to integrate its units in Southeast Asia, Chief Executive Officer Datuk Seri Nazir Razak said today.
The bank’s Indonesian operations will provide more earnings than its business in Malaysia by 2014 or 2015, he also said.
Bursa Malaysia Bhd, operator of Malaysia’s stock exchange, added 2.8 per cent to RM7.20, its highest since July 30. The company said it will merge the first and second boards of listed companies on the exchange on August 3.
The exchange also waived listing fees for issuers of structured warrants and will make listing rules more flexible for some companies to boost liquidity, Chairman Mohamed Dzaiddin Abdullah said.
Kurnia Asia Bhd, a Malaysian insurer, advanced 14 per cent to 41 sen, its highest close since February 16.
The company said it posted a profit of RM26.4 million in the fiscal third quarter ended March 31 compared with a loss of RM25.4 million a year earlier, boosted by a “turnaround” in its underwriting performance.
LBI Capital Bhd, the maker of footwear products, increased 2.2 per cent to 69.5 sen, its highest since May 2, 2008. The company said it signed a joint-venture agreement with Karisma Megah to develop bungalows in Petaling Jaya, outside Kuala Lumpur.
LBS Bina Group Bhd, a property developer, increased 4.5 per cent to 35 sen, its highest close since July 28. The company said it signed a joint-venture agreement to develop 175 acres of land in Sepang, Selangor state, into a housing development with a gross development value of RM1 billion over five years.
Ramunia Holdings Bhd, a builder of offshore oil and gas facilities, fell 7.9 per cent to 58 sen, its lowest close since April 24. The company has accepted a RM232 million offer from Sime Darby Bhd.
Sime to buy its assets at a discount. Sime fell 1.5 per cent to RM6.50, its lowest close since April 29.
Sarawak Energy Bhd, the Malaysian electricity producer, climbed 2.3 per cent to RM2.24, its highest close since January 7. The company said it signed a preliminary agreement with Brunei to jointly explore the feasibility of developing interconnected power systems for the purpose of “energy exchange or energy transactions.”
Sunrise Bhd, a property developer, advanced 6.9 per cent to RM1.56, its highest close since July 24. The developer said fiscal third-quarter profit rose 49 per cent to RM30.6 million from a year earlier, helped by income from office and residential projects. - Bloomberg