Public Bank soars to record RM21.08

KUALA LUMPUR: Public Bank Bhd's shares soared to an all-time high of RM21.08 on strong fund buying on Thursday.

At 11.27am, it was up 58 sen to RM20.94 with 2.09 million shares done, believed to be funds closing their books for FY17.

The surge in Public Bank's share price helped propel the FBM KLCI up 11.60 points or 0.67% to 1,749.26.

At the current price, Public Bank is trading at a price-to-earnings of 14.76 times. Its projected P/E for the current financial year is 15.32 times.

Kenanga Investment Bank Research has a market perform with a target price of RM21.45. TA Securities Research has a Buy and TP of RM23.60 while DBS Vickers hada Buy and TP of RM24.20.