Petronas Chemicals May Rise On July-Sept Results

 Petronas Chemicals (5183.KU) may reverse Tuesday's fall after reporting strong quarterly results; net profit is up 129% on year at MYR1.15 billion in July-September from MYR502 million, while revenue surged 46% to MYR4.64 billion from MYR3.17 billion during same period a year earlier. Higher average product prices coupled with a 3% increase in volume contributed to the better revenue, while unrealized gains following the rise in the U.S. dollar towards the end of the quarter boosted net profit, the company says. The stock ended Tuesday down 0.7% at MYR5.94 ahead of the results, bucking the KLCI's 0.3% gain and extending its loss into a third consecutive day, suggesting that investors may have yet to price in the strong results.