0903754427 - 0903234122

Malaysian Stocks Jump, Led by Genting: World's Biggest Mover
Linh - 0903754427 - 0903234122

By Angus Whitley
Nov. 24 (Bloomberg) -- Malaysian stocks had their biggest jump in 10 months, the largest fluctuation among markets included in global benchmarks. Genting Bhd. climbed to a 19-year high after the casino operator said profit increased.
``It's not just the results, it's the whole picture,'' said Steven Tan, an analyst at CIMB Securities Sdn. in Kuala Lumpur. ``Things are still looking very decent.'' Tan has a ``neutral'' rating on the shares.
RHB Capital Bhd., Malaysia's fourth-biggest lender, rose as investors bet overseas banks may make more acquisitions. IOI Corp. fell after the government said it will combine rival plantation assets into the world's top palm-oil producer.
The Kuala Lumpur Composite Index added 13.92, or 1.3 percent, to 1060.43 at the 5 p.m. close. Today's gain was its steepest one-day jump since Feb. 3. The index rose 1.9 percent this week, its fifth straight week of advances. The smaller Second Board index rose 0.4 percent to 90.23. The FTSE Bursa Malaysia Emas Index climbed 1.5 percent to 6900.98.
Genting, Asia's largest publicly traded casino operator, surged 2 ringgit, or 7.1 percent, to 30 ringgit. Third-quarter profit rose 3.2 percent to 418.7 million ringgit ($115 million) from a year earlier on higher income from gaming and power units. The stock has climbed 40 percent this year, buoyed by speculation it may win Singapore's second casino license.
RHB Capital added 4 sen, or 1.2 percent, to 3.5 ringgit, boosting gains this year to 58 percent. Australia & New Zealand Banking Group Ltd. said today it agreed to pay A$383 million ($296 million) for 14 percent of AMMB Holdings Bhd., Malaysia's fifth-largest bank.
Hope for Deals
``We certainly hope this will lead to more than one deal,'' said Tan Teng Boo, who oversees about $100 million of investments at Capital Dynamics Asset Management in Kuala Lumpur.
IOI, the world's largest oil-palm plantation company by market value, fell 10 sen, or 0.5 percent, to 18.60 ringgit.
Malaysia Deputy Prime Minister Najib Razak said today the government plans to combine the plantation assets of Sime Darby Bhd., Kampulan Guthrie Bhd. and Golden Hope Plantations Bhd. Shares in the three companies, which are partly owned by state asset manager Permodalan Nasional Bhd., were suspended today.
The following stocks rose or fell. Stock symbols are in parentheses after company names.
Affin Holdings Bhd. (AHB MK) dropped 1 sen, or 0.5 percent, to 1.91 ringgit. The financial services group said profit in the third quarter fell 36 percent to 27.7 million ringgit as it set aside more money for bad loans.
Boustead Holdings Bhd. (BOUS MK) added 1 sen, or 0.5 percent, to 1.93 ringgit. The Malaysian plantation and property group expects to make a 193 million ringgit gain from selling some plantation assets to its real estate investment trust, the Star reported, citing Managing Director Tan Sri Lodin Wok Kamaruddin.
Resorts World Bhd. (RNB MK) jumped 80 sen, or 6.4 percent, to 13.40 ringgit. The casino company said profit in the third quarter rose 37 percent to 377.5 million ringgit from a year earlier. Sales gained 6.8 percent as it made more from its leisure, hospitality and cruise businesses.