KUALA LUMPUR: Hong Leong Bank rose to a record high of RM8.90 at the midday break on Monday, April 5 as analysts view the acquisition of EON Cap, though at a slightly higher price of RM7.30, would be share value enhancing.

Other banks advanced, with CIMB and Public Bank among the gainers as they are among core holdings of investors, who view the market has more upside.

At 12.30pm, the FBM KLCI was up 5.11 points to 1,341.05. Turnover was 571 million shares valued at RM604.34 million. There were 375 gainers, 238 losers and 275 stocks unchanged.

Japan's Nikkei 225 rose 0.3% to 11,319.66 and Singapore's Straits Times Index added 0.3% to 2,951.24.

Light crude oil rose 79 cents to US$85.66, its highest since October 2008, crude palm oil futures rose RM16 to RM2,562 and US spot gold added US$5.85 to US$1,125.65.

At Bursa Malaysia Hong Leong Bank rose 20 sen to RM8.90, a record high as AmResearch said the acquisition of EON Cap at RM7.30 a share was value enhancing. EON Cap was unchanged at RM7.13.

CIMB rose 20 sen to RM14.78 and Public Bank added 12 sen to RM11.92. but AMMB shed two sen to RM5.01.
Among the index-linked stocks, Tanjong added 14 sen to RM18.96, PPB eight sen to RM18.34 and KL Kepong six sen to RM16.86.

POS Malaysia advanced 26 sen to RM3.04 with 12.42 million shares done as investors expect Khazanah Nasional to provide more details to divest its 32% stake. The Edge weekly reports the biggest selling point of the postal operator is its extensive network of 697 outlets throughout the county and its landbank.

Tasek added 14 sen to RM5.34 as analysts were positive about the medium to long term prospects.

Mithril was the most active with 39.1 million shares done, down one sen to 17 sen. Ta Ann fell 18 sen to RM5.92, NPC 15 sen to RM2, Keck Seng 10 sen to RM5.69 while IJM and Top Glove shed eight sen each to RM2.50 and RM13.92.