Stocks Rise on Maybank News
May 03, 2011
Soon after the market's open, the Kuala Lumpur Stock Exchange Composite Index of 100 blue-chip stocks was up 3.42 to 1108.86, after rising 2.08 Tuesday. Advancing issues led decliners, 160 to 24, while 63 shares remained unchanged and 510 were untraded. Total volume was at 19.5 million shares, valued at 172.1 million ringgit. Malayan Banking shares rose 70 sen to 23.20 ringgit with 953,000 shares having changed hands. But traders disagreed on whether an expected run on Malayan Banking's shares Wednesday will have a positive effect on the market as a whole. ``Maybank's effect won't be of any significance,'' said Etheridge Mcconnell Lusk, head of research for Phileo Allied Securities. Other analysts predict that an expected run on Malayan Banking's shares Wednesday will pull up the Kuala Lumpur Composite Index. Smaller second-tier issues rose on the gains of the past several days. The Second Board Index gained 3.23 to 509.50.
