Top 10 Biggest Stocks in Bursa Malaysia
Filed Under (Bursa News) by Webmaster on 25-08-2010
Tagged Under : Bursa Malaysia, top stocks
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.
