KL shares close lower

Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 5 p.m. close in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI Index dropped 4.24 points, or 0.3 per cent, to 1,559.19.

Ramunia Holdings Bhd, an oil and gas services provider, fell 3.2 per cent to 45.5 sen, its lowest close since June 3, after its second-quarter profit more than halved to RM1.41 million from a year earlier.

Sunway Holdings Bhd, a construction and property group, dropped 0.8 per cent to RM2.59 after scrapping a venture with Dasa Tourist Complex (Private) Ltd. to develop a property project in Sri Lanka.

Top Glove Corp, the world’s biggest rubber-glove maker, declined 1.3 per cent to RM5.19, its lowest close since June 14. OSK Research Sdn Bhd cut its stock rating as the company reported quarterly earnings that were below estimates. Top Glove’s rating was cut to “neutral” from “buy,” Jason Yap, an analyst at OSK, wrote in a report today.

Talam Corp, a property developer, sank 13 per cent to 6.5 sen, the lowest since April 22, 2009. Talam’s net loss in the first quarter ended April 30 widened to RM26 million from RM1.6 million a year earlier as sales declined and finance costs rose, according to a company statement. -- Bloomberg