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CIMB Group Holdings Bhd consolidated its position as the biggest stock on Bursa Malaysia for a second day, ahead of close rival Malayan Banking Bhd (Maybank), amid some mild selling pressure yesterday.

Shares in CIMB eased one sen from a record to close at RM7.91, while Maybank fell two sen from a 2½-year high to settle at RM8.12.

While Maybank is trading at a higher price than CIMB, the former’s share capital is smaller at 7.08 billion compared with CIMB’s 7.33 billion shares.

This gives CIMB a market capitalisation of RM57.99bil versus Maybank’s RM57.47bil. In March, Maybank was ahead of CIMB by RM3bil.

Data compiled by StarBiz show CIMB’s market value grew RM8bil, or 16%, from RM49.9bil recorded on March 9. Maybank trailed with a 10% rise as its market worth increased by RM5bil over the same period.

The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) rose 6.7% to 1,405.77 points yesterday, its highest level since February 2008.

Six of the 10 biggest counters on Bursa that were featured in a StarBiz report published on March 10 climbed faster than the benchmark index over the same period.

Shares in Genting Bhd surged 33%, the fastest pace among the gainers.

Analysts attributed the buoyant market conditions, especially in the past two months, to a resurgence in buying interest from local and foreign investors on back of the ringgit’s appreciation and corporate earnings recovery.

“With the market having broken through the key resistance level of 1,400 points on the back of strong banking sector results as well as renewed foreign interest on a stronger ringgit, we see the market heading towards our 1,465 points FBM KLCI year-end target,’’ OSK Research said in a strategy report yesterday.

The ringgit has strengthened 10.5% against the US dollar, the biggest gain in Asia so far this year.

Data compiled by StarBiz also show that the market value of half of the big-caps grew by at least 10% from March 9.

But despite its massive 33% price surge, Genting remained at the bottom of the top 10 list of biggest firms on Bursa with a market cap of RM33bil, which was RM2bil lower than IOI Corp Bhd’s RM35bil.

The gap, however, is razor thin at the top.

Maybank had released a strong set of results for the year ended June 30, while CIMB and Genting are among the big firms expected to release their latest quarterly results later this week.

“With key blue chips such as CIMB, Genting and Sime Darby yet to report their earnings, we still see some legs for the market,’’ OSK Research said.

The market is expecting CIMB’s earnings to outpace consensus estimates for the third quarter in a row. Genting’s upcoming results are also expected to impress the market, but Sime Darby may disappoint.

Meanwhile, IOI Corp shares climbed to a three-month high of RM5.25 yesterday after the group reported an increase in profit for its quarter ended June 30.

IOI Corp was one of three firms that saw a decline in market value over the six-month period. Sime Darby was the worst performer, down 10% to RM47bil, while Maxis Bhd eased slightly to RM40.6bil.

The combined value of the 10 firms grew 7% from March 9 to RM429.7bil at yesterday’s close, while the whole market value, estimated RM1.12 trillion, was 7.7% higher from where it was in March.

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Trading in Kenmark Industrial Co (M) Bhd shares will be suspended from Aug 9 until further notice as the company has failed to submit its audited accounts for the financial year ended March 31 to Bursa Malaysia within the stipulated timeframe.

The troubled furniture manufacturer had informed Bursa last Tuesday that it would miss the July 31 deadline to submit its audited accounts, after Bursa rejected its application for an extension.

Kenmark hogged the headlines in early June after its key management and Taiwanese executive directors went missing, leaving the company in a lurch.

The case is still under investigation, and it is understood that the SC may invoke its powers under the newly created Section 317A of the Capital Markets and Services Act 2007 (CMSA) to pursue any wrongdoings by Kenmark officials.

The Securities Commission (SC) then started investigations on the company on non-submission of financial statements, default in payments and the missing directors.

Days later, former director Datuk Ishak Ismail appeared as the white knight and emerged as the single largest shareholder after acquiring a 32% block in Kenmark, only to sell off his entire stake within two weeks for a massive profit.

The SC had on June 15 obtained a court injunction to stop Ishak from using the RM10.2mil proceeds from his sale of 58.7 million Kenmark shares.

The case is still under investigation, and it is understood that the SC may invoke its powers under the newly created Section 317A of the Capital Markets and Services Act 2007 (CMSA) to pursue any wrongdoings by Kenmark officials.

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Delaying the listing of Focus Point Holdings Bhd is to clear uncertainties, says the Securities Commission (SC), but it is mum on whether it is satisfied with the company’s explanation.

The country’s largest professional eye-care chain postponed its listing at the last minute on Tuesday following an anonymous complaint. It has refuted all of the allegations in the complaint.

Neither Bursa Malaysia nor the SC would comment on the new listing date for Focus Point or whether any action is being taken to address the complaint.

An SC spokesperson said the company’s listing was delayed to allow the company to address the complaint and inform the market about its impact, if any.

“The complaint creates uncertainties in the market for Focus Point’s shares and until the company is given an opportunity to address the matters raised in the complaint, it would not be beneficial for both the company and investors for the trading of the company’s shares to commence.

“As the complaint relates to matters which existed when the company’s prospectus was issued, it may affect an investor’s decision to invest and the price he is willing to invest at,” the SC said in a statement to Business Times yesterday.

A Bursa Malaysia spokesperson said the listing procedures would resume and the listing date would be confirmed after the company received the green light from the authorities.

Focus Point group president and chief executive officer Datuk Liaw Choon Liang was unavailable for comment.

The anonymous complaint cited three allegations.

These include the company not having enough qualified optometrists or opticians, contact lenses being prescribed by unqualified personnel and the company having only 27 equipment known as K-metres against its total outlet number of 144.

Focus Point was due to raise RM16.1 million from its initial public offering, of which RM7.74 million would be used to fund its local expansion plans to increase the number of stores to 200 by end-2011 from 144 now.

Its shares were planned to be listed on Bursa Malaysia’s ACE Market on Tuesday, but the company deferred the listing just an hour before the opening bell.

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