Maybank ib

- A + A KUALA LUMPUR (June 23): Maybank Investment Bank Bhd (Maybank IB) remains positive on the Malaysian banking sector’s outlook as the rising interest rates are generally positive for banks’ earnings. In a note, it said the rate hikes should also benefit the banks in terms of the return on equity (ROE), which could return to over 10% in financial year 2023 (FY23). “Additionally, we think that current Malaysian Government Securities (MGS) yields seem to already reflect future rate increases, and thus the future mark-to-market losses are likely to be contained, if any. “Moreover, we believe that the banks have sufficient provisions to buffer against potential asset quality issues arising from higher borrowing costs,” it said. Maybank IB said it expects Bank Negara Malaysia (BNM) to raise the overnight policy rate (OPR) by 50 basis points (bps) in the second half of 2022, taking the total rate hike to 75bps in 2022, with a further 50bps increase in 2023. It … [Read more...] about Maybank IB remains positive on banking sector on rising interest rates

KUALA LUMPUR: Transition finance or labelled bonds and loans are expected to gain traction in the coming years amid a growing number of companies pledging to reach sustainable goals, Maybank Investment Bank said. Maybank Investment Bank chief executive officer Datuk Fad’l Mohamed said transition finance is a relatively new addition to the suite of sustainable finance instruments to help companies deliver long-term strategies to achieve their net-zero carbon commitments. He said the potential investments that fell under transition bonds as opposed to green bonds are a lot larger as the former includes industries that are not readily green but are taking steps to decarbonise. "So, in this instance, for example, ship company Seaspan Corporation has raised about US$750 million (US$1=RM4.39) in transition bond this year and the proceed were channelled towards exploring energy efficiency of its vessels with alternative fuels,” he said at the Sustainable and Responsible Investment (SRI) … [Read more...] about Maybank IB expects transition finance to gain traction in Malaysia

Syed Saddiq Syed Abdul Rahman seen at the KL Court Complex for his money laundering trial on Wednesday, June 22, 2022. (Photo by Shahrin Yahya/The Edge) - A + A KUALA LUMPUR (June 22): An Investigating Officer (IO) had suspected that former youth and sports minister Syed Saddiq Syed Abdul Rahman was involved in the missing monies from a safe kept in his house, the High Court heard on Wednesday (June 22). Ahmad Marzuqi Ibrahim, Assistant Superintendent with the Petaling Jaya District Police Headquarters, said this at the Muar member of parliament's trial on charges that include criminal breach of trust (CBT) involving RM1 million belonging to Parti Pribumi Bersatu Malaysia's Youth wing, Armada. Into its second day, the trial on Wednesday centred around the missing RM250,000 stolen from Syed Saddiq's safe in March 2020. Ahmad Marzuqi, the prosecution's fifth witness, was the IO on the case. Syed Saddiq had lodged a police report on the missing monies on March … [Read more...] about IO suspected Syed Saddiq was involved in theft of RM250k from his home

KUALA LUMPUR: Despite opening higher at the start of the opening bell, the FBM KLCI succumbed to profit taking activities as the key index lingered mostly in the negative territory. At 5pm, the 30-stock index plunged 26.78 points, or 1.84% to 1,431.10. The index opened 3.25 points higher at 1,461.13 this morning. Market breadth turned negative as losers overpowered the gainers on a ratio of 640-to-255 stocks. Traded volumes rose to 2.72 billion shares, valued at RM1.9bil as profit taking activities took control Along with investors' profit-taking, dealers said investors were also concerned about the the risk of recession arising from global inflation. Mercury Securities expects global equities to remain volatile in the short-term amid fears of persistently high inflation forcing central banks across the world to raise rates at a more rapid pace. On Bursa Malaysia, Nestle tumbled RM2 to RM132.50, Malaysian Pacific Industries shed RM1.92 to RM26.86, Kuala Lumpur Kepong lost … [Read more...] about KLCI plunges 26.78 points on heavy selling pressure

KUALA LUMPUR: The FBM KLCI ended the day in red on Monday in line with the weak performance of its regional peers. The 30-stock index ended down 15.5 points, or 1.06% to 1,441.24, the lowest since May 2020. The broader market sagged, with decliners outnumbering advancers 747 to 200 while 351 counters were unchanged. Dealers said the local bourse which tracked the performance of key Asian markets, was weighed down by banking stocks. They expect volatility to continue due to the uncertainties surrounding the global economy. On the external front, MSCI’s broadest index of Asia-Pacific shares ex-Japan lost 0.16%. Japan’s Nikkei 225 fell 0.74% to 25,771.22 while South Korea’s Kospi ended down 2.04% to at 2,391.03. Hong Kong’s Hang Seng index rose 0.4% to 21,163.91. China’s CSI300 index rose 0.5% to 4,330.43, while the Shanghai Composite Index closed 0.04% lower at 3,315.43. On Bursa Malaysia, Malaysian Pacific Industries tumbled 98 sen to RM28.52, Batu Kawan lost 52 sen … [Read more...] about FBM KLCI pulls back 1.06% in line with regional retreat

KUALA LUMPUR: The FBM KLCI slipped in morning trade in tandem with regional markets as the optimism seen on Wall Street overnight faded amid concerns over persistent inflation. At 12.30pm, the key index was down 10.72 points to 1,447.16. The market turned negative with 489 decliners compared with 276 gainers. Trading volume was 1.52 billion shares valued at RM775.13mil. Bule chips were mostly lower with Sime Darby Plantation dropping 14 sen to RM4.28 and IHH sliding nine sen to RM6.40. Bank stocks continued their retreat led by CIMB shaving six sen to RM4.90, Hong Leong Bank falling 28 sen to RM20.62, Maybank sliding two sen to RM8.63 and Public Bank dropping two sen to RM4.45. Brent crude futures dove 3.37% to US$110.79 a barrel as worries over an impending recession took a bit out of investor appetite. Oil and gas counters on Bursa Malaysia followed suit, losing 1.1% in morning trade. Notable laggards were Petron Malaysia losing 17 sen to RM5.66 and Hengyuan … [Read more...] about Equities trade lower as investor optimism fades

KUALA LUMPUR: An assistant police superintendent has told the High Court here that he suspected Muar MP Syed Saddiq Syed Abdul Rahman and two other individuals were involved in the missing RM250,000 cash from a safe kept in the politician’s house two years ago. ASP Ahmad Marzuqi Ibrahim, 39, who is the investigating officer in the case, said he suspected this because only Syed Saddiq and the two other individuals, Siti Nurul Hidayah and Lim Hooi Sean, knew the combination code for the safe. “Only Syed Saddiq’s fingerprints were found on the cupboard and the safe. I suspected that all three of them were involved or abetted in the case of the missing money. “I had sent a letter to Bank Negara to obtain information to facilitate the investigation, but I have yet to receive any feedback from it,” he said yesterday during examination-in-chief by deputy public prosecutor Mohd ‘Afif Ali on the second day of the trial. Syed Saddiq is facing four charges of criminal breach of trust … [Read more...] about ‘Only Syed Saddiq’s fingerprints found on safe’

- A + A KUALA LUMPUR (June 23): Bursa Malaysia ended the morning session marginally lower amid volatile trading, dragged down by losses in Petronas Chemicals Group Bhd and Malayan Banking Bhd (Maybank), a dealer said. At lunch break on Thursday (June 23), the FBM KLCI had eased 0.54 of a point to 1,430.56 from Wednesday's close at 1,431.10. The benchmark index, which opened 3.40 points firmer at 1,434.50, moved between 1,427.78 and 1,441.47 throughout the morning session. On the broader market, losers led gainers 447 to 275, while 388 counters were unchanged, 1,156  untraded and nine others suspended. Turnover stood at 1.4 billion units worth RM716.55 million. In a note, Malacca Securities Sdn Bhd said pervasive fears of a recession were rippling through the markets. “Sentiments would remain negative as investors mull US Federal Reserve chair Jerome Powell's testimony on the commitment to interest rate hikes to tame inflation, while at the same time keeping … [Read more...] about Bursa marginally lower at midday after volatile trading

- A + A KUALA LUMPUR (June 23): Bursa Malaysia erased early gains to end flat following a choppy trading session amid cautious investors sentiment on concerns over inflation, a dealer said. At 5 pm on Thursday (June 23), the benchmark FBM KLCI had fallen 0.05 of a point to 1,431.05 from Wednesday's close at 1,431.10. The key index, which opened 3.40 points firmer at 1,434.50, fluctuated between 1,427.78 and 1,441.47 throughout the day. On the broader market, losers beat gainers 500 to 348, while 410 counters were unchanged, 1,008 untraded and nine others suspended. Total turnover shrank to 2.34 billion units worth RM1.56 billion from 2.72 billion units worth RM1.9 billion on Wednesday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market was dragged down by selling mainly of energy, industrial products and real estate investment trust (REIT) stocks. Regionally, he said the key indices closed mostly higher due to … [Read more...] about Bursa erases early gains to end flat amid choppy trading

- A + A BENGALURU (June 24): The Philippine peso fell for the eighth straight session on Friday (June 24) as markets feared a modest rate hike by the country's central bank may not be enough to curb surging inflation, while other Asian currencies rose against a weaker US dollar. The Bangko Sentral ng Pilipinas (BSP) stuck to a 25-basis-point increase in its benchmark rate on Thursday for a second month in a row, fearing that more aggressive tightening could compromise growth. "Concerns over the gradual pace of BSP hikes, weaker budget balance, as well as policy uncertainty under the new president could be adding to PHP drags in the interim," Maybank analysts said in a note. The peso was on track for its worst week since June 2013. It was down 2% during the week, and hovered at a more than 16-and-a-half-year intraday low notched earlier in the week. The Thai baht was 0.1% weaker intraday, touching a more than five-year low, likely pressured by portfolio outflows, … [Read more...] about Philippine peso on track for worst week in nine years; Asian stocks gain