KL shares higher in early trade

The Kuala Lumpur Composite Index rose for a third day, gaining 4.52 points, or 0.4 per cent, to 1,047.15 at 9:20 am local time, set for the highest close since September 10. May index futures dropped 0.2 percent to 1,039.00.

Genting Bhd climbed 0.8 per cent to RM4.92, headed for the highest level since May 12. Its Malaysian casino arm, Resorts World Bhd, gained 1.2 per cent to RM2.48. The two companies bought a combined US$100 million of secured notes sold by MGM Mirage, a Las Vegas-based operator of hotels and casinos.

The investment will generate an “attractive return” with yields of more than 10 per cent, the Malaysian companies said in separate statements. Syarikat Takaful Malaysia Bhd dropped 2.3 per cent to RM1.30, set for the biggest drop since May 12.

The Islamic insurer said it had a loss of RM7.7 million in its fiscal third quarter, compared with a profit of RM7.1 million ringgit a year earlier. Sales dropped 33 per cent to RM187.7 million, it said in a statement.

UMW Holdings Bhd slid 2.6 per cent to RM5.65, on course for the steepest decline since May 15. The assembler of Toyota Motor Corp cars in Malaysia said first-quarter profit fell 54 per cent to RM65.9 million from a year earlier. Sales dropped 21 per cent to RM2.3 billion, it said in a statement. - Bloomberg