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M’sia Hot Stock – Proton jump 12.5%

Posted on: April 29, 2009


Reuters – Tuesday, April 21

KUALA LUMPUR, April 20 – Malaysia’s benchmark stock index <.KLSE> gained 0.10 percent to 966.12 points by 0800 GMT on Monday.

(For Malaysian equity market research reports, please click on [MY-RCH] )

Stocks on the move include:

**PROTON SURGES ON FINANCING REPORT, UPGRADES, M&A TALKS

Malaysia’s national car maker Proton <PROT.KL> surged as much as 12.5 percent on Monday after a newspaper reported that several banks are planning to raise interest rates on car loans for foreign car brands.

The move could boost Proton’s sales because it will make Proton cars even cheaper than its competitors, said a dealer from a Malaysian brokerage.

Another dealer said investors have been chasing up Proton shares after several research houses upgrading their target prices for Proton in the past few weeks.

“We have seen at least 3 upgrades in the past two to three weeks. All the hype about a joint venture with Perodua is certainly positive for share price,” said the second dealer.

Unlisted, state-owned Perodua has denied that it is holding talks with Proton.

Proton shares gained 12.45 percent to 2.98 ringgit a share by 0815GMT on trading volume of 2.8 million shares. The stock has risen more than two-thirds over the past month.

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