Malaysian shares rise 1.19 per cent as banking stocks gain
The benchmark advanced after Bank Negara Malaysia kept its policy rate at 2.75 per cent, but declining stocks outnumbered gainers.
Malaysia’s benchmark share index finished at 1,635.86 on November 5, gaining 19.30 points as banking heavyweights attracted buyers. The advance followed Bank Negara Malaysia’s decision to leave its Overnight Policy Rate unchanged at 2.75 per cent and gains on Wall Street.
The FTSE Bursa Malaysia KLCI rose 1.19 per cent from its previous closing level of 1,616.56. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng attributed the improvement to buying in major banks and stronger global market sentiment, despite mixed regional trading.
Maybank added 26 sen, closing at RM10.16, while CIMB gained 24 sen to finish at RM7.15. Public Bank ended at RM4.96 after a 19 sen increase. The Financial Services Index advanced 542.60 points, reaching 19,128.92.
The broader market was weaker: 723 counters declined and 497 advanced, with another 466 unchanged. Trading volume increased to 3.74 billion units and turnover reached RM3.61 billion, compared with 2.81 billion units and RM2.57 billion in the preceding session.
Among other heavyweights, Tenaga Nasional slipped four sen to finish at RM13.10, while IHH Healthcare lost six sen, ending at RM7.72. Thong cautioned that swings in regional technology shares and uncertainty over US policy could constrain the recovery.
