Malaysia Hot Stocks-AMMB rises on Q2 earnings - News

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Malaysia Hot Stocks-AMMB rises on Q2 earnings

By: AFX | 08 Nov 2009 | 11:25 PM ET

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KUALA LUMPUR, Nov 9 (Reuters) - Shares in Malaysia's AMMB gained as much as 1.5 percent on Monday after the country's fifth-largest lender reported better-than-expected quarterly earnings. By 0401 GMT, AMMB shares were up 1.05 percent at 4.80 ringgit ($1.41) a share, off a high of 4.82 ringgit on a volume of 1.5 million shares. The main stock index was up 0.13 percent. On Friday, AMMB said second-quarter net profit grew to 240.16 million ringgit from 230.13 million a year earlier as revenue rose. After the earnings, BNP Paribas raised its fiscal 2010-2012 earnings forecasts for AMMB by up to 20 percent and target price to 6.15 ringgit a share. "We continue to like AMMB for its ongoing transformation that, in our view, has not been fully appreciated by the market," said BNP Paribas in a research note. Australia's ANZ owns about one-fifth of AMMB following a 2007 investment in the Malaysian bank. ($1=3.400 Malaysian Ringgit) (Reporting by Soo Ai Peng; Editing by Royce Cheah) ((aipeng.soo@thomsonreuters.com; Reuters Messaging:aipeng.soo.reuters.com@reuters.net; +603 2333 8039)) Keywords: AMMB/ (If you have a comment or query on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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