KL shares close higher

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 1 per cent to 1,477.51, snapping a three-day drop. The gauge slid 0.3 per cent this week. The market will be shut on Nov. 7 for a public holiday.

ARK Resources Bhd, a builder, surged 55 per cent to 52 sen, its steepest gain since June 2, after it said it has completed a restructuring and restored its finances.

Lingui Developments Bhd, a timber, plantations and property group, dropped 7.1 per cent to RM1.43, the most since May 25, 2010, after reporting a RM28.1 million first-quarter loss.

Malaysian Marine and Heavy Engineering Holdings Bhd, the rig-building arm of MISC Bhd, rose 2 per cent to RM6.09. The company signed a RM1.4 billion contract to install an offshore platform deck with bridges for ExxonMobil Exploration and Production Malaysia Inc, it said in a statement. MISC added 3.1 per cent to RM6.89.

Yeo Hiap Seng (Malaysia) Bhd, a beverage maker, jumped 4.7 per cent to RM1.79, its biggest increase since Aug. 15. Third-quarter profit doubled from a year earlier to RM8.27 million, it said in a statement.

Genting Bhd, a casino and plantations group, added 4.3 per cent to RM10.80, the highest close since Aug. 3. Indonesia has approved a development plan for the Ande-Ande Lumut oil field operated by unit of Genting, according to Energy and Mineral Resources Minister Jero Wacik.

Tomypak Holdings Bhd, a plastic packaging company, advanced 3.2 per cent to 98 sen, its highest close since July 27, after third-quarter profit rose to RM3.4 million, from RM3.03 million a year earlier. -- Bloomberg

Market snaps 3-day losses, boost from DiGi, Genting

KUALA LUMPUR (Nov 4): The local stock market was broadly higher at midday on Friday, following encouraging regional bourses while September’s stronger exports should bolster buying sentiment in the meantime. DiGi and Genting were among the major gainers.

At 12.30pm, the FBM KLCI was up 8.09 points to 1,470.46, snapping its three straight days of losses following the Greek debt rescue impasse. Turnover was 1.43 billion shares valued at RM673.89 million. Advancing counters beat decliners 524 to 126 while 200 stocks were unchanged.

Among the regional markets, Japan’s Nikkei 225 rose 1.42% to 6,762.94, Hong Konmg’s Hang Seng Index surged 3.31% to 19,880.34, Taiwan’s Taiex 2.09% to 7,615.90 and South Korea’s Kospi 2.89% to 1,924.76 while Singapore’s Straits Times Index advanced 1.6% to 2,855.

Reuters reported that Asian shares rose more than 2% and the euro steadied on Friday on hopes Greece will abandon a proposed referendum on a European Union bailout, but investors remained cautious over a confidence vote scheduled for later in the Greek parliament.

In Malaysia, September’s exports hit RM58.68 billion, up 16.6% from a year ago. Almost all major sectors recorded increases in exports in September. Total exports in September rose RM8.36 billion, of which 50% was from the manufactured exports.

DiGi was the top gainer, up 68 sen to RM33.16, Genting 26 sen to RM10.26, RHB Cap 16 sen to RM7.45 and Tasek 14 sen to RM7.84.

ARK Resources jumped after it was lifted from the Practice Note 17 classification. Its shares rose 19 sen to 52.5 sen and the warrants 16 sen to 36 sen.

Among the decliners were Lingui, down 11 sen to RM1.43 after posting losses. PLANTATION []s stocks fell, with KLK and BLD Plantations down 10 sen each to RM21.04 and RM6.60 while IJM Plantations gave up five sen to RM2.63.

ARK advances after lifted from PN 17

KUALA LUMPUR (Nov 4): Shares of ARK RESOURCES BHD [] surged on Friday after it was uplifted from the Practice Note 17.

At 12.05pm, the shares were up 18 sen to 51.5 sen with 826,800 units done while the warrants, ARK-WB surged 16 sen to 36 sen with 24,000 units transacted.

The FBM KLCI rose 7.89 points to 1,470.26. Turnover was 1.23 billion shares valued at RM596.04 million. Gainers beat losers 504 to 115 while 205 stocks were unchanged.

A Bursa Malaysia circular said on Thursday the company had regularised its financial condition and did not trigger any of the criteria under the PN17 classification of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd.

ARK Resources surges on restructuring

ARK Resources Bhd, a Malaysian builder, surged the most in five months in Kuala Lumpur trading after it completed a restructuring and restored its finances.

The stock jumped from 46 percent to 49 sen at 9:01 a.m. local time, set for its steepest gain since June 2. -- Bloomberg

Stocks to watch: MMHE, Lingui, Yeo Hiap Seng, ARK

KUALA LUMPUR (Nov 4): Markets are expected to continue to stay cautious on Friday as they await a resolution to the Greece crisis.

The eurozone bailout hangs in the balance following Greece's decision to hold a referendum on the plan in December.

But the prospect that the Greek government might collapse, delaying the referendum, raised hopes that the bail out might go ahead after all, Reuters reported.

However, the uncertainty will continue to push investors to sidelines.

Among the stocks to watch on Friday are Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), Lingui Developments Bhd, Yeo Hiap Seng (Malaysia) Bhd, ARK RESOURCES BHD [] and TOMYPAK HOLDINGS BHD [].

MMHE secured a RM1.4 billion contract to build an offshore platform deck and two inter-platform bridges. Its unit Malaysia Marine and Heavy Engineering Sdn Bhd had signed a contract with ExxonMobil Exploration and Production Malaysia Inc. which was part of the Tapis enhanced oil recovery project.

Lingui posted net loss of RM28.06 million in the first quarter ended Sept 30, 2011 versus net profit of RM39 million a year ago as it was adversely affected by losses in fair value of biological assets.

Its that revenue increased by 19.1% to RM435.01 million from RM365.05 million. Loss per share was 4.25 sen compared with earnings per share of 5.91 sen. Operating profit was RM19.46 million compared with RM9.59 million a year ago.

“The group recognised a loss from changes in fair value of biological assets of RM25.9 million as the softwood log prices soften at the end of financial quarter under review compared to immediate preceding financial quarter,” it said.

Yeo Hiap Seng’s earnings rose 104% to RM8.27 million in the third quarter ended Sept 30 from RM4.05 million a year, as it benefited from better sales, less bad debts write off and gain on disposal of machinery.

Its revenue increased by 26.5% to RM147.12 million from RM116.27 million as sales for Malaysia, Indonesia and Singapore including the export market grew by 18%, 368% and 8% respectively.

Tomypak Holdings Bhd's earnings rose 12.21% to RM3.40 million for the quarter ended Sept 30, 2011 from RM3.03 million a year ago, due to higher sales. Its revenue increased 25.8% to RM54.73 million from RM43.49 million. Earnings per share were 3.14 sen compared with 2.80 sen. The group announced dividends of 1.50 sen compared to 1.40 sen a year ago.

ARK Resources Bhd will be uplifted from the Practice Note 17 with effect from Friday after it had regularised its financial condition.

Bursa Malaysia Securities Bhd has deferred the decision to suspend and delist the securities of TRICUBES BHD [].

ARK Resources uplifted from PN17 from Friday

KUALA LUMPUR (Nov 3): ARK RESOURCES BHD [] will be uplifted from the Practice Note 17 with effect from Friday, Nov 4.

A Bursa Malaysia circular said on Thursday the company had regularised its financial condition and did not trigger any of the criteria under the PN17 classification of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd.