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Malaysian banks lower on downgrade
by hlk Thu 29 Sep 2011, 13:54
CIMB Group Holdings Bhd fell the most in a week, leading a drop by Malaysian lenders after the industry was downgraded at RHB Capital Bhd, which said worsening global economic conditions will lead to a “de-rating” in banking stocks.
CIMB, the second-largest Malaysian bank, slid 2.4 per cent to RM6.84 at 11:20 a.m. local time, set for its steepest drop since Sept 22.
AMMB Holdings Bhd lost 0.7 per cent to RM5.80. The industry was cut to “underweight” from “neutral,” RHB said in a report today.
CIMB was reduced to “underperform” from “market perform,” RHB said. - Bloomberg
CIMB, the second-largest Malaysian bank, slid 2.4 per cent to RM6.84 at 11:20 a.m. local time, set for its steepest drop since Sept 22.
AMMB Holdings Bhd lost 0.7 per cent to RM5.80. The industry was cut to “underweight” from “neutral,” RHB said in a report today.
CIMB was reduced to “underperform” from “market perform,” RHB said. - Bloomberg
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