How many shares changed hands for Public Bank in the morning trade?

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Public Bank Shares Surged in Morning Trade Following Bonus Issue Announcement

As of 10 AM, 9.29 million shares of Public Bank had changed hands during morning trading. This activity coincided with a significant increase in the banking stock's price, which rose by RM1.54, or 8.34 percent, to reach RM20.00.
Share Price and Volume Surge

The trading volume of 9.29 million shares by 10 AM represented a notable level of activity for Public Bank. This surge in trading volume accompanied a substantial gain in the stock's value, with the price climbing to RM20.00. This upward movement contributed 11.65 points to the FTSE Bursa Malaysia KLCI, highlighting its impact on the broader market index.
Proposed Bonus Share Issuance

Public Bank's recent announcement of a proposed issuance of up to 15.53 billion bonus shares is the primary driver behind the market's positive reaction. The issuance is structured on a basis of four bonus shares for every one existing share held by shareholders. This corporate action is anticipated to be finalized by the first quarter of the 2021 financial year.
Impact on Share Capital and Liquidity

Upon the completion of the bonus share issuance, Public Bank's share capital is expected to remain at RM9.41 billion. However, the total number of issued shares will see a substantial increase, rising to 19.41 billion from the current 3.88 billion shares. This significant expansion in the share base is viewed by analysts as a measure that could improve the stock's liquidity and affordability for investors.
Analyst Outlook Remains Positive

MIDF Amanah Investment Bank Bhd has maintained a positive stance on Public Bank, reiterating a "buy" call with an unchanged target price of RM20.50. The research firm views the proposed bonus issue as a move that not only rewards shareholders but also enhances the stock's attractiveness, especially given the group's consistent earnings performance historically.

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How many shares changed hands for Public Bank in the morning trade?

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