Public Bank advances to new all-time high again
KUALA LUMPUR: Shares of Public Bank Bhd rose to an all-time high in early Friday trade, helping to underpin the FBM KLCI’s advance as investors remained upbeat about the prospects for the banking group.
At 9.48am, Public Bank was up 12 sen to RM18.20 with 205,700 shares done while its foreign shares rose 14 sen to RM18.20 with 77,600 shares traded.
The KLCI rose 9.91 points to 1,785.83. Turnover was 484.44 million shares done valued at RM245.56mil. There were 317 gainers, 111 losers and 212 counters unchanged.
StarBiz reported Public Bank looked to have settled one aspect of its succession planning when it recently appointed Quah Poh Keat as deputy chief executive officer II.
The appointment of Quah, a former independent director of the bank, suggests he could be a leading candidate to succeed managing director and chief executive officer Tan Sri Tay Ah Lek when he retires.
StarBiz also reported that the recent price gains were linked to rumours that may include the prospect of allowing Chinese banks to acquire stakes in Malaysian banks.