By Ian C. Sayson
Jan. 6 (Bloomberg) -- Malaysia’s Kuala Lumpur Composite Index fell 7.45, or 0.8 percent, to 913.21 as of 9:22 a.m. local time, after climbing yesterday to its highest close since Oct. 15. Seven stocks fell for each that rose among the 100 components of the measure.
Sime Darby Bhd. (SIME MK), a property and palm-oil company, had its first loss in five sessions, sinking 15 sen, or 2.6 percent, to 5.55 ringgit. The company said it won government approval to build a low-cost carrier terminal in the country with AirAsia Bhd. (AIRA MK), Southeast Asia’s largest budget airline. AirAsia added 0.5 sen, or 0.6 percent, to 91 sen, heading for a three-day, 5.2 percent gain.
Top Glove Corp. (TOPG MK), the world’s largest rubber-glove maker, gained for the third day, adding 2 sen, or 0.5 percent, to 3.82 ringgit, set for its highest close since Nov. 5. The company is due to release financial results today for the fiscal first quarter ended Nov. 30. It said in October that profit in the year ending August 2009 will probably increase between 15 percent and 20 percent.
WCT Bhd. (WCT MK), an engineering company, declined 54 sen, or 30 percent, to 1.29 ringgit, set for its biggest loss since February 1995. WCT’s $13 billion contract to build a horseracing track in Dubai was canceled by the company that awarded the order, Meydan LLC, Reuters reported, citing a missed deadline.
YTL Power International Bhd. (YTLP MK), a power generator, declined 5 sen, or 2.5 percent, to 1.93 ringgit, set for its biggest loss since Dec. 3. The company proposed spending 4 billion ringgit ($1.1 billion) on a new plant to sell electricity to state-owned utility Tenaga Nasional Bhd., the Business Times reported, citing an unidentified person.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net
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