CIMB advances in early trade, Dayang in focus

by **hlk** Wed 22 May 2013, 11:17

KUALA LUMPUR: Shares of CIMB Group rose in early trade on Wednesday after the release of its first quarter earnings while Dayang Enterprise was in focus after its RM2bil contract win.
At
9.02am, the FBM KLCI was up 2.12 points to 1,789.50. Turnover was 97.56
million shares valued at RM43.82mil. There were 209 gainers, 56 losers
and 136 counters unchanged.
Bloomberg reported Asian stocks rose, with the regional benchmark index trading at a five-year high, before the Bank of Japan concludes a two-day policy meeting.
Trading on Hong Kong equity markets will be delayed due to a storm warning.
BIMB
Securities Research expects the local market to trend higher today
given the positive sentiments from the west and from big-cap companies
such as IOI and CIMB reported stronger quarter earnings.
“Immediate resistance is seen at 1,790 followed by 1,800 while support at 1,780 and 1,775,” it said.
At
Bursa Malaysia, CIMB rose 11 sen to RM8.61. Alliance Research has
raised CIMB Group's target price to RM9.64 from RM8.66 as it rolls over
its valuation for the banking group to FY2014.
Dayang
was in focus, up 22 sen to RM5.11 while the call warrants, Dayang-CD
rose 10 sen to Rm2.35 and Dayang-CE gained 7.5 sen to 82.5 sen.
Among the healthcare stocks, Pharmaniaga rose 20 sen to RM9.90 and Apex Healthcare 11 sen to RM4.48.
Plantations were mostly lower, except TH Plantations, which rose 10 sen to RM2.32. However, KL Kepong and United Plantations fell 14 sen each to RM21.60 and RM27.42 while TDM shed five sen to RM5.10 and Kulim three sen lower at RM3.60.