ASEAN KEY DESTINATIONS
Stock market of Malaysia outperforms Asean, European markets
The local bourse closed up 2.46 points or 0.15 per cent to 1,652.25.
The benchmark index was off the intra-day high of 1,655.39. Maybank saw 22.26 million shares done.
CIMB Equities Research had maintained its “outperform” recommendation on Maybank and its top pick based on attractive dividend yield and robust loan growth.
The research house also expected Maybank to be the biggest beneficiary of Economic Transformation Programme (ETP) project financing.
Turnover on Bursa Malaysia was 1.35 billion shares valued at 1.62 billion ringgit (US$521 million). There were 399 gainers, 379 losers and 301 counters unchanged.
Meanwhile, global shares slipped from three-month highs as investors weighed up whether signs of progress in the euro zone debt crisis warranted the recent surge and as Japan provided a reminder of the problems facing top economies, Reuters reported.
The uncertainty over Europe's debt woes have left major economies stuttering, but many big stock markets have risen 15 per cent to 20 per cent since June on expectations of central bank action to address the crisis.
Among the key regional markets, Japan's Nikkei 225 fell 0.27 per cent to 9,131.74 and Hong Kong's Hang Seng Index slipped 1.06 per cent to 19,887.78.
Shanghai's Composite Index eased 0.5 per cent to 2,107.71; Taiwan's Taiex shed 0.14 per cent to 7,496.58 and South Korea's Kospi lower by 0.41 per cent to 1,935.19.
Singapore's Straits Times Index gave up 0.53 per cent to 3,049.47.
US light crude oil fell three cents to $96.81 and Brent 38 cents lower at $114.26.
The ringgit weakened to 3.1201 against the US dollar.
Crude palm oil for third-month futures rose 99 ringgit to 3,061 ringgit per tonne.
At Bursa Malaysia, there was some fund buying of Petronas-related counters with Petronas Dagangan up 62 sen to 23 ringgit and Petronas Gas 22 sen higher at 19.50 ringgit.
Maybank rose 14 sen to 9.19 ringgit with 22.26 million shares done, pushing the KLCI up 2.49 points while Tenaga added four sen to 6.84 ringgit and nudging the index uo 0.51 of a point. UMW gained 36 sen to 10.32 ringgit and added nearly one point to the index.
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