Sime Darby, Public Bank lead KLCI up

KUALA LUMPUR: Sime Darby and Public Bank extended their gains in early Tuesday trade as the FBM KLCI set its eye on the 1,860 resistance level, underpinned by the firmer overnight close on Wall Street.

At 9.22am, the FBM KLCI was up 6.18 points or 0.33% to 1,854.84. Turnover was 497.81 million shares valued at RM153.32mil. There were 268 gainers, 108 losers and 224 counters unchanged.

JF Apex Research said following the bullish performance in the US and Europe, the KLCI could follow suit and climb toward its resistance of 1,860.

Sime Darby rose 17 sen to RM9.44, extending its gains from Monday’s last minute buying while Public Bank added 14 sen to RM19.60.

AllianceDBS Research has a Buy recommendation on Public Bank and a target price of RM22.60 after adjusting for the rights issue.

“Our target price is derived from the Gordon Growth Model. Sustainable growth trends support its premium valuation vs peers. Public Bank remains our top pick among our Malaysian banks coverage,” it said.

Tasco advanced 22 sen to RM4.10 on the rising interest in logistics companies.

Among the plantations, United Plantations added 20 to RM26.60 in thin trade, Batu Kawan gained 18 sen to RM18.20.

Ace Market Bio Alpha Holdings rose three sen to 41.5 sen in active trade as traders shrugged the query from Bursa Malaysia Securities.

Profit taking saw BAT falling 50 sen to RM67.38, F&N 20 sen to RM18.30 while CCM DBio  lost 13 sen to RM3.84.

Genting Malaysia fell 14 sen to RM4.33.