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KUALA LUMPUR (Oct 22): Malayan Banking Bhd (Maybank) saw its market capitalization drop to less than RM80 billion at the end of today’s morning trading session.
It remains the largest accountant in terms of market capitalization on the local exchange today, even after it fell 0.84% or six sen to RM7.09, resulting in a market value of RM79.70 billion. 6.08 million shares were traded at the counter.
This now means that Top Glove Corp Bhd, which is the second largest company in Bursa Malaysia at RM72.84 billion, is only around RM6.9 billion away from reaching Maybank’s current market value.
Public Bank Bhd also declined during the morning, with its shares falling 1.02% or 16 sen to RM15.60, valuing around RM60.72 billion. Saw 870,600 shares done.
In its current form, Public Bank has fallen from the top three large-cap stocks in Bursa Malaysia, which now comprise Maybank, Top Glove and Hartalega Holdings Bhd, whose market capitalization is RM62.73 billion.
In a note today, TA Securities Research said the stocks should trade on a lower bias on concerns that the Enhanced Motion Control Order measures will have an adverse impact on economic growth, with continued interest in taking profit on healthcare related stocks that are still present.
“Key charting supports for the index will be from October and September lows of 1,489 and 1,474 respectively, with stronger supports from 38.2% FR from 1,207 to 1,618 up at 1,461, then 1,450.
“The immediate upside hurdle remains the 50-day moving average at 1,525, with the next hurdle at the 100-day moving average at 1,538, followed by 1,560, and then the 100-week moving average at 1,577,” the house noted. research.
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