Finance driven rally. The FBM KLCI closed sharply higher at a record high of 1,474.44 points, underpinned by interest in key heavyweight finance and gaming stocks: Maybank, CIMB and Genting. Buying interest in finance stocks was spurred by positive news flow from the latest announcement of capital requirement guidelines from Basel III which turned out to be less stringent than earlier anticipated. Today’s corporate headlines are Genting Malaysia gets the final approval for its racino operation in New York, US insurer ACE Ltd has agreed to buy 80% of Jerneh Insurance Bhd for RM654m, Gamuda will replace Tanjong on the FBM KLCI, Tanjong plc has received more than 90% acceptance for its privatisation and Hock Seng Lee has secured a RM83.3m infrastructure project from Sarawak Timber Industry Development. Overnight the Dow closed 0.2% lower after chalking up four consecutive days of gains.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago