Maybank’s market value of RM52.45bil means it is still the most valuable stock on Bursa Malaysia ahead of Sime Darby Bhd at RM52.22bil. CIMB, with a market value of RM49.94bil yesterday, currently ranks third, a notch above Public Bank Bhd. Public Bank, the share price of which slipped six sen from a record to close at RM11.88 yesterday, has a market capitalisation of RM41.89bil.

The country’s third biggest bank vaulted above Maxis Bhd (market value RM40.72bil) on Monday, after Bank Negara’s interest rate hike on Thursday triggered a re-rating on banking stocks. “As long as the interest rate is on an upward trend, banking stocks will continue to be revalued upward,” MIDF Research head Zulkifli Hamzah said.

Public Bank shares advanced 60% over the past year, the least among the top three banks. In terms of total asset size, Maybank was the largest at RM330bil as at end-2009, followed by CIMB at RM240bil and Public Bank at RM217bil. The three banks’ combined market capitalisation accounted for 14% of the total value of shares of Bursa Malaysia-listed companies, estimated at RM1.04 trillion.

Not too long ago, the top three stocks that held sway in the market were the so-called TMT stocks (Telekom Malaysia Bhd, Maybank and Tenaga Nasional Bhd). Today, Telekom’s fixed and cellular businesses are housed under two separate listed entities. The combined value of TM (RM11.98bil) and Axiata Group Bhd (RM32.94bil) comes to about RM44.9bil. TNB’s market value stood at RM34.48bil at yesterday’s closing price of RM7.94 as the stock’s 27% rise over the past year paled in comparison to the benchmark index’s 55% jump over the same period. TNB is currently ranks below palm oil planter IOI Corp Bhd (market value RM36.43bil) and MISC Bhd at RM35.26bil.

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