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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Allianz Explores Asset Management Partnerships and Tie-Ups

 Allianz SE is reportedly exploring potential partnerships and tie-ups for its asset management division, Allianz Global Investors (Allianz GI), as part of efforts to expand its asset management business, according to a source familiar with the matter. These early discussions do not include plans for a full or majority sale, but could involve a merger or partial sale, with Allianz possibly relinquishing control in such a deal, as per Reuters.

While Allianz GI is focused on active asset management with €555 billion in assets under management as of the second quarter, the global asset management industry is increasingly shifting towards passive products and lower-cost offerings, leading to significant consolidation in the sector. Examples include BNP Paribas' purchase of Axa SA's asset management unit and Goldman Sachs' acquisition of NN Group's asset management arm.

Allianz is scheduled to release its third-quarter results on Nov. 13, following stronger-than-expected second-quarter earnings driven by its life-health insurance and asset management businesses. Allianz GI could be valued at over €4 billion, including debt, according to the Reuters report. Pimco, another asset management firm owned by Allianz, is reportedly not part of these discussions.

This move aligns with broader trends in the industry, where firms are looking to scale up and compete with lower fees in a rapidly evolving market.

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