Maybank and CIMB Group saw their share prices rise last Friday, closing up 1.2% and 0.9% respectively, providing significant support to the financial sector. Market sentiment remains positive on the earnings outlook for local banks.
Malayan Banking Bhd (Maybank) shares rose 12 sen to RM9.88 last Friday, an increase of 1.23%, while CIMB Group Holdings Bhd gained 6 sen to RM6.75, up 0.89%. The robust performance of these two major banking stocks effectively offset weaknesses in other blue-chips, providing crucial support to the FBM KLCI. Analysts believe that local banks are poised for solid earnings growth amidst a stable interest rate environment and economic recovery. Despite cautious overall market sentiment, the financial sector, particularly large banks, remains favoured by investors due to their defensive characteristics and strong fundamentals. Banking stocks are expected to continue demonstrating resilience in their upcoming quarterly earnings reports.
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