0358 GMT [Dow Jones] Amid a weak property market in Malaysia, Kenanga advises investors to stay away from property developers for now, or “remain nimble for trading plays.” Kenanga reiterates its underweight rating on developers. “For the sector to see a sharp re-rating, positive monetary policy or administrative measures relating to the sector or a sharp improvement in the economy are prerequisites,” says Kenanga. The broker’s preferred stock pick is property company UOA Development (5200.KU), which it upgrades to an outperform rating from market perform. “We continue to like the stock for its defensive qualities and strong yields of 6.5%.” Shares of UOA are down 0.5% at 2.16 ringgit. (celine.fernandez[a]wsj.com)
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