<div class=newsTextDataWrapInner><p>KUALA LUMPUR (March 13): Banking stocks on Bursa Malaysia slumped this morning amid the bloodbath at global equity markets.</p></div>

<div class=newsTextDataWrapInner><p>Among the banking stocks, Hong Leong Bank Bhd lost 8.48% to RM13.38, RHB Bank Bhd fell 7.27% to RM5.10, CIMB Group Holdings Bhd fell 5.85% to RM4.02, Public Bank Bhd was down 4.93% to RM15.40 while Malayan Banking Bhd dipped 2.78% to RM8.05.</p></div>

<div class=newsTextDataWrapInner><p>Meanwhile, the FBM KLCI was firmly anchored below the 1,400-point level this morning as widespread panic selling across the board saw most global markets mired in a sea of red.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>At 10.55am, the FBM KLCI lost 88.13 points to 1,331.30.</p></div>

<div class=newsTextDataWrapInner><p>Losers battered gainers by 1,023 to 67, while 118 counters traded unchanged. Volume was 2.22 billion shares valued at RM1.72 billion.</p></div>


Banking stocks on Bursa Malaysia slumped this morning amid the bloodbath at global equity markets.

Among the banking stocks, Hong Leong Bank Bhd lost 8.48% to RM13.38, RHB Bank Bhd fell 7.27% to RM5.10, CIMB Group Holdings Bhd fell 5.85% to RM4.02, Public Bank Bhd was down 4.93% to RM15.40 while Malayan Banking Bhd dipped 2.78% to RM8.05.

Banking stocks slump amid bloodbath at equity markets

Euro zone inflation remains on track to fall back to 2% next year, so European Central Bank policymakers will likely start cutting interest rates from a record high in June, the account of their April meeting showed on Friday.

ECB set scene for June rate cut at last meeting, account shows

LFE Corp Bhd (KL:LFECORP) has secured an RM8.27 million piling contract from Puncakcity Development Sdn Bhd (PDSB).

LFE secures related-party contract worth RM8m for piling works 

KUALA LUMPUR (May 10): Pharmaniaga Bhd (KL:PHARMA), whose weak financials have just been flagged by its independent auditor for a second consecutive year, assures shareholders that it is committed to financial recovery and has made “strong and steady progress” on it.

Pharmaniaga says it is confident of financial recovery after auditors again flag going-concern issues

KUALA LUMPUR (May 10): Public-private partnerships (PPP) should be enhanced, as this system has been proven to be effective as a catalyst for the country’s development, and its implementation has provided many benefits to the government and the people.

Loke: Public-private partnerships should be enhanced to benefit govt, public

(May 10): Airwallex has held talks with several Middle Eastern sovereign wealth funds to raise capital, as the payment platform startup prepares to join global peers in expanding into the region.

Tencent-backed startup Airwallex courts Middle Eastern wealth funds

MAA Group Bhd (KL:MAA) has acquired an additional 201.48 million shares, or a 4.98% stake, in troubled Practice Note 17 (PN17) company KNM Group Bhd (KL:KNM) for RM33.24 million, or an average price 16.5 sen per share.

MAA raises stake in KNM to 13.54%

Mi Technovation Bhd (KL:MI) saw its net profit more than quadruple to RM26.79 million in the first quarter ended March 31, 2024 (1QFY2024), compared to RM6.4 million in the same period last year.

Mi Technovation’s 1Q net profit jumps over fourfold on higher revenue, forex gains 

Ping An Insurance Group Co sold about 0.4% of the shares it holds in HSBC Holdings Plc days after it voted against the reappointment of departing chief executive officer Noel Quinn as a director.

Ping An sells US$50m of HSBC shares after vote against CEO

At the close of Chin Hin Group Bhd's (KL:CHINHIN) mandatory takeover offer (MGO) for all the remaining stakes in Signature International Bhd (SIB) (KL:SIGN), Chin Hin received acceptances for over 245.53 million shares, or the equivalent of a 38.69% stake.

Chin Hin ups stake in Signature International to 72.18% at close of MGO

KUALA LUMPUR (May 10): Paramount Corp Bhd (KL:PARAMON) bought a 21.54% stake in Eco World International Bhd (EWI)(KL:EWINT) for RM170.61 million in cash.

Paramount buys 21.5% stake in Eco World International from Quek Leng Chan for RM170.61m, cash

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

<p>KUALA LUMPUR (May 10): Datin Seri Rosmah Mansor faces another legal action, this time revolving around from 1Malaysia Development Bhd (1MDB), SRC International Sdn Bhd and subsidiaries over luxury goods that were allegedly obtained through misappropriated funds.</p>


1MDB, SRC file fresh civil suit against Rosmah over US$350 mil luxury goods

<p>With signs of a simmering settlement with the government in one of the longest-standing civil land disputes in history dissipating, the Court of Appeal (COA) has fixed Sept 19 to hear the appeal by Semantan Estate (1952) Sdn Bhd in its seven-decade dispute over 263.272 acres of land along Jalan Duta that is currently occupied by public properties.</p>


No settlement in sight, Semantan Estate’s appeal to resume in September

<p>KUALA LUMPUR (May 10): Paramount Corp Bhd (KL:PARAMON) bought a 21.54% stake in Eco World International Bhd (EWI)(KL:EWINT) for RM170.61 million in cash.&nbsp;</p>


<p>Shares of MCE Holdings Bhd (KL:MCEHLDG) rose to their highest in at least two decades after the automotive parts manufacturer said Brahmal Vasudevan of private equity firm Creador is its newest substantial shareholder.</p>


MCE Holdings surges to highest in at least two decades

<p>CIMB Securities Sdn Bhd, a unit of CIMB Group Holdings Bhd (KL:CIMB), said on Friday it is targeting “high” single-digit growth in market share by year end.</p>


CIMB Securities eyes single-digit growth in market share by year end

<p>Bank Negara Malaysia (BNM) imposed a RM96,250 compound on Habib Jewels Sdn Bhd for non-compliance with the law on anti-money laundering and counter-terror financing.</p>


BNM slaps Habib Jewels with RM96,250 compound for failing to report suspicious transactions

<p>Shares of Sungei Bagan Rubber Co (Malaya) Bhd (KL:SBAGAN) rose as much as 76 sen or 15.29% to a new record high on Friday, following news a privatisation bid for Great Eastern Holdings Ltd, in which it owns a 1% stake.</p>


Sg Bagan shares jump 15% to record high on Great Eastern privatisation bid

<p>SINGAPORE (May 10): Oversea-Chinese Banking Corporation Ltd (OCBC) has announced a S$1.4 billion voluntary unconditional general offer for the 11.56% stake in Great Eastern Holdings (GEH) that it does not currently own.</p>


Singapore’s OCBC makes privatisation bid for Great Eastern with S$25.60 offer price

<p>KUALA LUMPUR (May 10):&nbsp; <a href="https://theedgemalaysia.com/" target="_blank">theedgemalaysia.com</a> highlighted three stocks with positive momentum and five stocks with negative momentum at Bursa Malaysia’s afternoon close on Friday. &nbsp;</p>


Kuchai, VSTECS, AHB, Mclean, Kluang, Prtasco, Skywld, Kobay

<p>Shares of Globetronics Technology Bhd [KL:GTRONIC] surged on Friday as analysts project a promising outlook for the group's earnings in the second half of the financial year 2024 (2HFY2024), despite first quarter performance below consensus expectations.&nbsp;</p>


Globetronics surges to one-month high as analysts project strong outlook for 2HFY2024

<p>Tan Sri Azam Baki's contract as chief commissioner of the Malaysian Anti-Corruption Commission has been extended for another year, starting&nbsp;this Sunday (May 12).</p>


Azam Baki’s contract as MACC chief commissioner extended for another year

<p>KUALA LUMPUR/MUMBAI (May 10): Malaysia’s palm oil stocks increased at the end of April for the first time in six months, as production jumped despite a drop in exports, the industry regulator said on Friday.</p>


Malaysia’s palm oil stocks surge as output jumps despite weak exports

<p>Malaysia’s industrial output rose at a faster-than-expected pace in March from a year earlier with the manufacturing sector leading broad gains, the Department of Statistics Malaysia (DOSM) said on Friday.</p>


Malaysia's industrial output grows faster-than-expected in March, official data shows

<p>Supermax Corp Bhd’s (KL:SUPERMX) plan to take full control of its loss-making Canadian unit will drag on its balance sheet and income statement, Kenanga Investment Bank flagged.</p>


Supermax's full acquisition of Canadian unit will drag on earnings — Kenanga

<p>CelcomDigi Bhd has completed 44% of its nationwide network integration and modernisation&nbsp;programme as it modernised over 7,200 sites as at end-April, leading to improved download speeds of 20% to 26% and better signal strength of 13% to 16% in post-consolidation areas.</p>


CelcomDigi completes 44% in nationwide network modernisation programme

<p>KUALA LUMPUR (May 10): Bursa Malaysia’s&nbsp;all-time high indicates that measures under the Madani framework are building investor&nbsp;confidence, said Finance Minister II Senator Datuk Seri Amir Hamzah Azizan.&nbsp;</p>


Bursa’s all-time high indicates Madani Framework is building investor confidence — Amir Hamzah

<h3>Directors’ duties with respect to&nbsp;financial statements</h3>

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<p>MIDF Amanah Investment Bank started coverage of Allianz Malaysia Bhd (KL:ALLIANZ) with an above-consensus target price of RM23.37, citing stronger-than-average insurance growth and solid dividend yields.</p>


MIDF starts coverage of Allianz Malaysia with above-consensus target price

<p>Malaysia should move faster to build a robust ecosystem to drive the development and adoption of artificial intelligence (AI) technology in the current post-normal era, said Prime Minister Datuk Seri Anwar Ibrahim.</p>
