KUALA LUMPUR: The FBM KLCI stayed in positive territory at the mid-day break on Friday, April 1 in line with its key regional peers, as banking stocks and key blue chips lifted the local bourse.
Asian stocks advanced ahead of employment data to be released later Friday in the US.
Another month of solid US hiring, expected in the 200,000 area, should reinforce expectations of further global economic expansion but also of an accelerated shift in policy focus among central bankers to stem inflationary pressure, according to Reuters.
At 12.30pm, the FBM KLCI was up 3.80 points to 1,548.93.Volume was 786.32 million shares valued at RM902.97 million. Gainers edged losers by 370 to 334, while 277 counters traded unchanged.
The ringgit weakened 0.02% to 3.0260 versus the US dollar; crude palm oil for the third month delivery rose RM32 per tonne to RM3,342, crude oil gained 36 cents per barrel to US$107.08 while gold added US$1.15 to US$1,433.45.
At the regional markets, Japan's Nikkei 225 rose 0.11% to 9,765.73, Hong Kong's Hang Seng Index added 0.16% to 23,565.84, the Shanghai Composite Index was up 0.24% to 2,935.28, South Korea's Kospi rose 0.32% to 2,113.48 and Singapore's Straits Times Index gained 0.27% to 3,114.26.
However, Taiwan's Taiex slipped 0.16% to 8,669.30.
Banking stocks were among the major gainers this morning, with CIMB up 13 sen to RM8.33, HLFG eight sen to RM9.08, RHB Capital seven sen to RM8.65, Hong Leong Bank five'' sen to RM9.90, Maybank four sen to RM9 and AMMB one sen to RM6.50.
OSK Research said its large cap banking top picks are CIMB (BUY, FV: RM9.77) and Maybank (BUY, FV: RM10.07), while its mid-cap pick is RHB Capital (BUY, FV: RM9.56).
It said that February loans growth moderated to 12.2% y-o-y versus 13.1% in January, mainly due to slower growth in the business sector (Feb: 13% vs Jan: 14.9%) in line with easing export growth.
'Although overall industry loans growth softened to 12.2%, it is still significantly higher YTD against our full-year estimate of 9.5% and the industry's 9%- 11% estimated range. The risk weighted capital and core capital ratios were maintained at 14.3% and 12.6% respectively," it said.
Genting Malaysia rose 11 sen to RM3.79, Petronas Chemicals 13 sen to RM7.37, Nestle 48 sen to RM47.28, Sapura Resources 21 sen to RM1.06, Genting PLANTATION []s 18 sen to RM8.18, LPI Capital 14 sen to RM13.86 and Dialog added 13 sen to RM2.45.
DBE Gurney was the most actively traded counter with 42.5 million shares done. The stock added half a sen to 13 sen.
Other actives included Talam, Perisai, Olympia, Axiata, Karambunai, Masterskill and IRCB.
Losersincluded Petronas Dagangan, Golsta, Genting, Paos, Kotra, Tenaga, Kwantas and AIRB.
Asian stocks advanced ahead of employment data to be released later Friday in the US.
Another month of solid US hiring, expected in the 200,000 area, should reinforce expectations of further global economic expansion but also of an accelerated shift in policy focus among central bankers to stem inflationary pressure, according to Reuters.
At 12.30pm, the FBM KLCI was up 3.80 points to 1,548.93.Volume was 786.32 million shares valued at RM902.97 million. Gainers edged losers by 370 to 334, while 277 counters traded unchanged.
The ringgit weakened 0.02% to 3.0260 versus the US dollar; crude palm oil for the third month delivery rose RM32 per tonne to RM3,342, crude oil gained 36 cents per barrel to US$107.08 while gold added US$1.15 to US$1,433.45.
At the regional markets, Japan's Nikkei 225 rose 0.11% to 9,765.73, Hong Kong's Hang Seng Index added 0.16% to 23,565.84, the Shanghai Composite Index was up 0.24% to 2,935.28, South Korea's Kospi rose 0.32% to 2,113.48 and Singapore's Straits Times Index gained 0.27% to 3,114.26.
However, Taiwan's Taiex slipped 0.16% to 8,669.30.
Banking stocks were among the major gainers this morning, with CIMB up 13 sen to RM8.33, HLFG eight sen to RM9.08, RHB Capital seven sen to RM8.65, Hong Leong Bank five'' sen to RM9.90, Maybank four sen to RM9 and AMMB one sen to RM6.50.
OSK Research said its large cap banking top picks are CIMB (BUY, FV: RM9.77) and Maybank (BUY, FV: RM10.07), while its mid-cap pick is RHB Capital (BUY, FV: RM9.56).
It said that February loans growth moderated to 12.2% y-o-y versus 13.1% in January, mainly due to slower growth in the business sector (Feb: 13% vs Jan: 14.9%) in line with easing export growth.
'Although overall industry loans growth softened to 12.2%, it is still significantly higher YTD against our full-year estimate of 9.5% and the industry's 9%- 11% estimated range. The risk weighted capital and core capital ratios were maintained at 14.3% and 12.6% respectively," it said.
Genting Malaysia rose 11 sen to RM3.79, Petronas Chemicals 13 sen to RM7.37, Nestle 48 sen to RM47.28, Sapura Resources 21 sen to RM1.06, Genting PLANTATION []s 18 sen to RM8.18, LPI Capital 14 sen to RM13.86 and Dialog added 13 sen to RM2.45.
DBE Gurney was the most actively traded counter with 42.5 million shares done. The stock added half a sen to 13 sen.
Other actives included Talam, Perisai, Olympia, Axiata, Karambunai, Masterskill and IRCB.
Losersincluded Petronas Dagangan, Golsta, Genting, Paos, Kotra, Tenaga, Kwantas and AIRB.
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