KUALA LUMPUR: Blue chips closed at their highest since February 2008 on Monday, July 26, nudged by strong gains in CIMB, in line with the firmer Asian markets as investors took heart about the resilience of the European banks.
The FBM KLCI closed 6.14 points higher at 1,351.82. Turnover was 850.66 million shares valued at RM1.12 billion. There were 336 gainers, 355 losers and 274 stocks unchanged.
Investors gave European banks the benefit of the doubt on Monday over stress tests that prompted more transparency from Spanish banks needing to raise capital than from German banks cagey about sovereign debt, according to Reuters
Spain's smaller regional lenders, or cajas, will start a roadshow in London on Monday aimed at reassuring investors after the test results on Friday showed five of their peers were among the seven banks that failed.
However, problems among the cajas have long been flagged and are being remedied, and Europe's banking index rose 1.1% on Monday to help the wider stock market push 0.2% higher by 0740 GMT.
At Bursa Malaysia, Nestle was the top gainer, adding 26 sen to RM37.24, Guinness Anchor added 21 sen to RM8 while among PLANTATION []s KL Kepong and Glenealy added 18 sen each to RM16.98 and RM4.68.
CIMB rose 24 sen to RM7.50 with 10.93 million shares done, nudging the index up by a hefty 4.13 points. The banking group said earlier Monday it wouldl step up to expand its services in Indonesia.
CIMB Group CEO Datuk Nazir Razak said the group planned to improve various segments of its business in Indonesia. Initiatives include expanding its microfinance, autofinance, credit card, priority banking, investment banking and corporate banking businesses under CIMB Niaga.
Other banks which advanced were AMMB, up three sen to RM5.15 and Maybank one sen to RM7.70.
Petronas Dagangan added 13 sen to RM9.85, MISC seven sen to RM8.84, Genting five sen to RM7.70, PLUS also five sen to RM3.70 and TM two sen to RM3.35.
CCB extended its losses, down 37 sen to RM5.77 after investors expressed disappointment over its dividends. Profit taking saw F&N slipping 30 sen to RM14.70.
Among education services providers, HELP lost 27 sen to RM4.06, the most in recent weeks since the run-up while SEGi shed 11 sen to RM2.20.
Mudajaya lost 19 sen to RM5.69 despite its clarification that it had not been directly queried by the Securities Commission (SC) with regards to any complaint about the company, thus far.
The FBM KLCI closed 6.14 points higher at 1,351.82. Turnover was 850.66 million shares valued at RM1.12 billion. There were 336 gainers, 355 losers and 274 stocks unchanged.
Investors gave European banks the benefit of the doubt on Monday over stress tests that prompted more transparency from Spanish banks needing to raise capital than from German banks cagey about sovereign debt, according to Reuters
Spain's smaller regional lenders, or cajas, will start a roadshow in London on Monday aimed at reassuring investors after the test results on Friday showed five of their peers were among the seven banks that failed.
However, problems among the cajas have long been flagged and are being remedied, and Europe's banking index rose 1.1% on Monday to help the wider stock market push 0.2% higher by 0740 GMT.
At Bursa Malaysia, Nestle was the top gainer, adding 26 sen to RM37.24, Guinness Anchor added 21 sen to RM8 while among PLANTATION []s KL Kepong and Glenealy added 18 sen each to RM16.98 and RM4.68.
CIMB rose 24 sen to RM7.50 with 10.93 million shares done, nudging the index up by a hefty 4.13 points. The banking group said earlier Monday it wouldl step up to expand its services in Indonesia.
CIMB Group CEO Datuk Nazir Razak said the group planned to improve various segments of its business in Indonesia. Initiatives include expanding its microfinance, autofinance, credit card, priority banking, investment banking and corporate banking businesses under CIMB Niaga.
Other banks which advanced were AMMB, up three sen to RM5.15 and Maybank one sen to RM7.70.
Petronas Dagangan added 13 sen to RM9.85, MISC seven sen to RM8.84, Genting five sen to RM7.70, PLUS also five sen to RM3.70 and TM two sen to RM3.35.
CCB extended its losses, down 37 sen to RM5.77 after investors expressed disappointment over its dividends. Profit taking saw F&N slipping 30 sen to RM14.70.
Among education services providers, HELP lost 27 sen to RM4.06, the most in recent weeks since the run-up while SEGi shed 11 sen to RM2.20.
Mudajaya lost 19 sen to RM5.69 despite its clarification that it had not been directly queried by the Securities Commission (SC) with regards to any complaint about the company, thus far.
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