KUALA LUMPUR: Shares of HONG LEONG FINANCIAL GROUP BHD [] (HLFG) and HONG LEONG BANK BHD [] (HL Bank) advanced on Wednesday, May 11, as investors' sentiment was galvanised by the recent corporate developments including the conclusion of the takeover of EON CAPITAL BHD [] and also strong earnings.
At 3.33pm, HLFG was up 68 sen to RM11.82 with 860,400 shares done while its subsidiary HL Bank added 44 sen to RM11.94.
The FBM KLCI rose 14.28 points to 1,527.65. Turnover was 718.97 million shares valued at RM1.03 billion. There were 502 gainers, 222 losers and 294 stocks unchanged.
UOB Kay Kian Research said it was maintaining a BUY on HL Bank with target price of RM13.70.
'We like HL Bank for its transformation strategy, going for stronger growth from more aggressive organic expansion. The new HL Bank is likely to leverage on the enlarged network to continue its aggressive and innovative growth strategies to capture a larger market share and build up a regional presence to have
more significant contributions from its overseas operations (Singapore, China and Vietnam),' it said.
At 3.33pm, HLFG was up 68 sen to RM11.82 with 860,400 shares done while its subsidiary HL Bank added 44 sen to RM11.94.
The FBM KLCI rose 14.28 points to 1,527.65. Turnover was 718.97 million shares valued at RM1.03 billion. There were 502 gainers, 222 losers and 294 stocks unchanged.
UOB Kay Kian Research said it was maintaining a BUY on HL Bank with target price of RM13.70.
'We like HL Bank for its transformation strategy, going for stronger growth from more aggressive organic expansion. The new HL Bank is likely to leverage on the enlarged network to continue its aggressive and innovative growth strategies to capture a larger market share and build up a regional presence to have
more significant contributions from its overseas operations (Singapore, China and Vietnam),' it said.
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