Malaysia’s Kuala Lumpur Composite Index rose 11.53, or 1.1 per cent, to close at 1,075.50, the highest level since Sept 8. More than three stocks gained for each one that fell on the 102-member measure.
The gauge gained 3 per cent this week. June index futures added 0.9 per cent to 1,078.00. In the market, 2.1 billion shares changed hands, higher than the three-month daily average of 1.3 billion shares.
Bumiputra-Commerce Holdings Bhd, Malaysia’s second-biggest banking group, rose 3.5 per cent to RM8.95, the biggest gain since May 4. AmResearch Sdn raised its rating on the stock to “buy” from “hold,” saying the company will post “another set of good results” for the second quarter ending June 30.
Dutaland Bhd jumped 24 per cent to 62.5 sen, the steepest advance since June 2007. The Malaysian property company said it plans a venture with China-Boda Group to develop property projects in China’s Hebei province. The companies also plan a property project in the Malaysian southern state of Johor, Dutaland said in a statement.
Farlim Group Bhd, a property developer, surged 54 per cent to 43 sen, the most since October 2003.
Multi-Purpose Holdings Bhd, a betting, property and insurance company, said it bought a 9.5 per cent stake in Farlim for RM3.2 million, lifting its stake to 11 per cent. Multi-Purpose added 1.4 per cent to RM1.49.
Measat Global Bhd dropped 10 per cent to RM1.66, the largest decline since Jan 30. The Malaysian satellite operator said it couldn’t give a reason for yesterday’s surge in its shares other than the preparation for a satellite launch this month. The stock soared 53 per cent to RM1.85 before it was suspended yesterday.
SP Setia Bhd gained 2 per cent to RM4.18, its highest since May 29, 2008. Malaysia’s biggest property developer said it plans to form a venture with Hangzhou Ju Shen Construction Engineering Ltd to develop a property project in China, its second overseas project. The development will be located on 25 acres of land in Hangzhou City in China’s Zhejiang province, it said in a statement. - Bloomberg
The gauge gained 3 per cent this week. June index futures added 0.9 per cent to 1,078.00. In the market, 2.1 billion shares changed hands, higher than the three-month daily average of 1.3 billion shares.
Bumiputra-Commerce Holdings Bhd, Malaysia’s second-biggest banking group, rose 3.5 per cent to RM8.95, the biggest gain since May 4. AmResearch Sdn raised its rating on the stock to “buy” from “hold,” saying the company will post “another set of good results” for the second quarter ending June 30.
Dutaland Bhd jumped 24 per cent to 62.5 sen, the steepest advance since June 2007. The Malaysian property company said it plans a venture with China-Boda Group to develop property projects in China’s Hebei province. The companies also plan a property project in the Malaysian southern state of Johor, Dutaland said in a statement.
Farlim Group Bhd, a property developer, surged 54 per cent to 43 sen, the most since October 2003.
Multi-Purpose Holdings Bhd, a betting, property and insurance company, said it bought a 9.5 per cent stake in Farlim for RM3.2 million, lifting its stake to 11 per cent. Multi-Purpose added 1.4 per cent to RM1.49.
Measat Global Bhd dropped 10 per cent to RM1.66, the largest decline since Jan 30. The Malaysian satellite operator said it couldn’t give a reason for yesterday’s surge in its shares other than the preparation for a satellite launch this month. The stock soared 53 per cent to RM1.85 before it was suspended yesterday.
SP Setia Bhd gained 2 per cent to RM4.18, its highest since May 29, 2008. Malaysia’s biggest property developer said it plans to form a venture with Hangzhou Ju Shen Construction Engineering Ltd to develop a property project in China, its second overseas project. The development will be located on 25 acres of land in Hangzhou City in China’s Zhejiang province, it said in a statement. - Bloomberg
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