By Kuala Lumpur Newsroom
KUALA LUMPUR (Jul 11) -- Here's a round-up of latest news from Malaysia so far on Tuesday:
*ASIA MARKETS: Hong Kong Shares Jump Most In Three Weeks On Geely, China Financials
Hong Kong shares posted their steepest gain in three weeks Tuesday, with Geely Automobile Holdings spurred by a strong earnings projection while Chinese banks and insurance companies climbed after the central bank injected cash into the nation's money markets.
*Competition For Deposits Likely To Intensify Among Malaysia's Smaller Islamic Banks-Moody's
The proposed merger between Malaysia Building Society Bhd and Asian Finance Bhd is likely to intensify competition for deposits among smaller Islamic banks, Moody's Investors Service said today.
*MARKET BUZZ: CIMB Cuts Malaysian Banks To Neutral On New Reporting Standards
CIMB Investment Bank downgrades Malaysian banks to Neutral from Overweight on negative impact of the adoption of MFRS 9 - new reporting standards in 2018, slower profit growth and less attractive valuations. MFRS 9 will change provisioning methodologies from incurred loss to expected loss, leading to higher credit costs for banks, says house in investor note. "If we factor in the negative impact of 1.3%-8.3% from the adoption of MFRS 9, net profit growth would be reduced to 0.4%-6.4% in 2018, based on our calculations," house adds. Bursa Malaysia Finance index now down 0.4% at 16,690.62.
*Hong Kong's China Jinmao Holdings Sees 1H Net Profit Surging 100% On Year
Hong Kong-based real estate developer China Jinmao Holdings Group on Tuesday said it expects net profit for the first half of 2017 to double on year.
*INTERVIEW: Careplus To Spend 30 Million Ringgit A Year For 4 Years To Expand Capacity-CEO
Malaysian glove maker Careplus Group plans to spend 30 million ringgit ($6.98 million) annually for the next four years to nearly triple its production capacity to meet growing demand, its chief executive said.
*MARKET BUZZ: Sunac China Up After Dalian Wanda Deal
Sunac China Holdings rallies 8.8% to HK$16.12 after it resumes trading following trading halt on Monday. Mainland developer yesterday announced 63.2 billion yuan ($9.3 billion) proposal to purchase 91% of 13 tourism projects and 76 hotels in China from conglomerate Dalian Wanda Group.
*MARKET BUZZ: Hong Kong's HSI At 1-Week High; Insurers, Geely Automobile Lead
Hang Seng Index advances 1% to 25,746.58, paced by rally in insurers on positive growth outlook. Ping An Insurance Group rallies 1.7% to two-year high, China Life Insurance up 2.1%. "For institutional investors, big mainland insurers remain a strong bet as penetration ratio of insurance in China is quite low.
*MARKET BUZZ: Malaysia KLCI Lower Amid Profit Booking; Tepid Trading Tipped
Malaysia's benchmark KLCI down 0.1% at 1755.84 on continued profit-taking. Asian shares mostly higher, tracking overnight gains in U.S. tech stocks. CIMB Group Holdings drags index with a 2% fall at MYR6.40.
*MARKET BUZZ: Hong Leong Cuts Malaysia's Brahim's To Hold; Lowers TP
Hong Leong Investment Bank downgrades Brahim's Holdings to Hold from Trading Buy, cuts target price to MYR0.56 due to lack of immediate earnings growth catalyst. Shares now flat at MYR0.58.
*Malaysia's Lotte Chemical Titan Shares Start Trading At IPo Price Of MYR6.50
Lotte Chemical Titan Holding, the Malaysian unit of petrochemical giant Lotte Chemical Corp, Tuesday started trading at 6.50 ringgit a share, the same price at which the company sold shares to raise 3.77 billion ringgit from its initial public offering.
*MARKET BUZZ: Malaysia's KLCI Likely Flat On Lack Of Triggers; 1750-1770 Tipped
Malaysia's KLCI Likely to open little changed as investors await for new triggers; index ended down 0.2% at 1757.13 yesterday. Dow Jones barely changed at 21408.52 overnight, despite continued rebound in technology stocks.
- By Kuala Lumpur Newsroom; firstname.lastname@example.org; +60320267363
- Edited By Shiladitya Ghosh
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