Published: 2009/05/29
MALAYSIAN shares rose 0.28 per cent today as investors bought into index linked stocks, dealers said.The Kuala Lumpur Composite Index added 2.87 points to 1,044.11, but closed off an intraday high of 1,058.36. Advancers outnumbered decliners 378 to 249.
AirAsia Bhd rose 4 per cent to RM1.30, the highest level since April 28. Southeast Asia’s largest low-cost airline reported the biggest quarterly profit since the final three months of 2007 after flying more passengers and raising ticket prices.First-quarter net income climbed 26 per cent on-year to RM203.2 million, it said in a statement. Sales rose 33 per cent to RM714.2 million.
Boustead Holdings Bhd slid 3.1 per cent to RM4.32, the largest drop since April 28. It’s the biggest decliner on the benchmark stock index. The plantation and financial services group said it plans to raise as much as RM729.2 million in a two-for-five rights offer to help pare debt and meet its working capital requirements.
KNM Group Bhd jumped 11 per cent to 89.5 sen, the highest level since October 14. The stock is the best performer on the Composite Index today. The oil and gas services provider said first-quarter net income jumped 82 per cent to RM98.4 million from a year earlier.
The company is “confident” that results this year will remain profitable, it said in a statement.Lion Industries Corp declined 3.7 per cent to RM1.30, the steepest drop since May 21. The steelmaker said it reported a loss of RM259.9 million in the fiscal third-quarter from a profit of RM200.8 million a year earlier, because of falling steel prices.
Sales dropped to RM927.1 million from RM1.69 billion, it said in a statement.Zelan Bhd, a Malaysian builder, fell 3 per cent to 97 sen, the biggest slide since May 15, after RHB Research Institute cut its rating on the stock because of wider-than-expected losses in fiscal 2009.
It reduced the stock rating to “market perform” from “outperform.” Zelan’s parent, MMC Corp, slumped 8.3 per cent to RM1.77 , the most since November 24. - Agencies