The Kuala Lumpur Composite Index gained 4.22 points to 852.18, with advancers outnumbering decliners 230 to 215.
“Gains were quite strong at the opening but selling emerged towards the later part of the day and chipped away part of the gains,” a dealer said.
“We started seeing selling this afternoon and this could continue tomorrow as investors unwind positions ahead of the weekend,” another dealer said, adding that banking stocks continued to lead gains.
Malayan Banking Bhd, Malaysia’s largest bank, jumped 4.4 per cent to RM4.26, the most since December 10. The bank had its stock rating raised by HwangDBS Vickers Research Sdn Bhd because the shares are “oversold.” The company was raised to “trading buy” from “fully valued,” HwangDBS said in a report today.
RHB Capital Bhd dropped 1.7 per cent to RM3.46, headed for the lowest close since December 3. RHB Bank, part of RHB Capital, Malaysia’s fourth-biggest lender, plans to sell RM600 million (US$163 million) of 30-year bonds to raise capital, Reuters reported on its website yesterday, citing one unidentified person familiar with the matter. RHB Capital chief financial officer Kam Chee Khiong couldn’t be reached for comment, his secretary said.
Public Bank lost 2.00 per cent to RM7.40.
MISC Bhd, the world’s largest owner of liquefied natural gas tankers, dropped 1.8 per cent to RM8.25, its first decline in three days. Charter rates for liquefied natural gas tankers on short-term hauls declined 17 per cent last year because of an increase in new vessels, Poten & Partners said today. MISC said it expects a surplus of vessels this year and next as ship deliveries precede the start up of projects and the global recession cuts Asia’s demand for the fuel. - Agencies