Malaysia Stocks: AMMB, KL Kepong, Maybank, Sime Darby, Kencana
By Chan Tien Hin

Oct. 31 (Bloomberg) -- Malaysia's Kuala Lumpur Composite Index rose for a second day, adding 6.86, or 0.8 percent, to 860.42 at 9:21 a.m. local time, set for its highest close since Oct. 23.

The measure climbed 0.2 percent this shortened holiday week, the first weekly gain in nine weeks. The gauge is down 16 percent this month, on course for its biggest monthly decline since August 1998.

Banks: Malayan Banking Bhd. (MAY MK), Malaysia's biggest bank, rose 5 sen, or 1 percent, to 5.20 ringgit, set for its highest close since Oct. 22. AMMB Holdings Bhd. (AMM MK), the fifth-largest, climbed 5 sen, or 2.4 percent, to 2.15 ringgit. Malaysia's banks are ``well placed'' to maintain lending as there is ample liquidity in the banking system, Bank Negara Malaysia, the central bank, said yesterday in a statement after officials met with finance industry executives.

Plantation stocks: Kuala Lumpur Kepong Bhd. (KLK MK) gained 5 sen, or 0.6 percent, to 8.15 ringgit, set for its highest close since Oct 15. Sime Darby Bhd. (SIME MK), Malaysia's biggest palm oil producer, climbed 10 sen, or 1.6 percent, to 6.20 ringgit.

Malaysia plans to cut down some plantations in an effort to trim production and help reverse tumbling prices. The government said yesterday it will replant 200,000 hectares with saplings, cutting the nation's annual output by 700,000 metric tons. Palm oil futures in Malaysia jumped 8.7 percent yesterday.

Kencana Petroleum Bhd. (KEPB MK) rose 9 sen, or 7.4 percent, to 1.30 ringgit, set for its highest level since Oct. 14, the biggest gainer on the benchmark Composite Index. The oil and gas services provider said it won a $235 million offshore drilling services contract from Petronas Carigali Sdn.

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur thchan@bloomberg.net

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