Malayan Banking Bhd (Maybank) shares rose 1.2% to RM9.25, while CIMB Group Holdings Bhd gained 1.5% to RM6.40, spearheading blue-chip advancements on Friday. Strong banking sector performance reflects investor confidence in the financial industry's recovery and boosted overall market sentiment.
Malaysia's two largest banking giants, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd, performed exceptionally well in Friday's trading, becoming key drivers for the FBM KLCI's ascent. Maybank's share price rose 1.2% to close at RM9.25, while CIMB Group gained 1.5% to RM6.40. The robust performance of these two banks was attributed to market expectations of economic recovery and increased credit demand. Analysts anticipate healthy net interest margins and loan growth for banks, supported by a stable interest rate environment and resumed economic activities. Other blue-chip stocks like Tenaga Nasional Bhd also saw a modest gain of 0.5% to RM10.30, while Nestle Malaysia Bhd declined 0.3% to RM132.00, indicating mixed sentiment across different sectors.
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