KL shares close higher

by **hlk** Wed 20 Jun 2012, 17:46

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

The FTSE Bursa Malaysia KLCI Index rose 0.6 per cent to 1,604.39, its highest close since April 3.

Ahmad
Zaki Resources Bhd advanced 4.7 per cent to 78 sen, its highest close
since May 11. The builder’s order book reached RM1.9 billion after it
won rail and hospital construction contracts, the Edge newspaper
reported, citing Managing Director Wan Zakariah Wan Muda.

Pacific
& Orient Bhd, an insurer, added 2.2 per cent to 93.5 sen, its
steepest increase since May 8. The company was rated outperform with a
price estimate of RM1.30 at K&N Kenanga Holdings Bhd, which cited
the stock’s “extremely cheap valuations.” An outperform means the
stock’s total return is expected to exceed 10 per cent over 12 months,
according to the brokerage report.

Pasdec Holdings Bhd climbed 3 per cent to 34 sen. The property
developer signed a preliminary agreement with Malaysian Aviation
Training Academy Sdn Bhd to develop a campus in the state of Pahang,
and to provide maintenance, repair and overhaul services for the
aviation industry, Pasdec said in an exchange filing.

Pharmaniaga
Bhd, a drug maker, surged 12 per cent to RM9.50, a record close. The
stock exchange yesterday removed the price “freezing” limit on the
stock that kept the shares at its last trading price on June 18 when
they surged by the daily limit of 30 per cent. The stock resumed
trading on June 15 after complying with the public shareholding spread
requirement.

YTL Corp rose 3.4 per cent to RM2.12, its fifth day
of gains and a record close. The company spent another RM26 million
buying back its own shares, according to stock exchange filings. --
Bloomberg