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
Barclays reported a robust 18% rise in third-quarter profit, beating forecasts as slower-than-expected interest rate cuts and a strong performance in its investment banking division prompted the bank to raise its income outlook for the year.
The British bank’s pretax profit for July-September hit £2.2 billion (US$2.85 billion or RM12.4 billion), surpassing both last year’s £1.9 billion and analysts' estimates of £2 billion. The strong performance led Barclays to upgrade its net interest income forecast for the year, expecting it to exceed £11 billion, rather than just meet that target.
Barclays' shares have surged 61% this year, nearing a nine-year high, and rose another 4% in early trading on Thursday. Analysts welcomed the results, with Richard Hunter, an analyst at Interactive Investor, stating that the positive market reaction was well-deserved.
The bank’s domestic lending business continued to perform well, supported by its £600 million acquisition of Tesco's banking arm earlier this year. Return on tangible equity for this unit rose to 23.4%, up from 21% a year ago.
In its investment banking division, third-quarter income rose 6% year-on-year, exceeding expectations due to increased corporate fundraising, dealmaking, and equities trading. Fixed income, currencies, and commodities revenue rose 3% to £1.18 billion, while advisory fee income surged 133% to £186 million.
Although Barclays' investment bank lagged behind some US and European rivals in overall performance, CFO Anna Cross noted that the bank fared well compared to US peers, particularly when factoring in the impact of reporting dollar revenues in pounds.
Barclays’ gains follow a major reorganization earlier this year aimed at improving investor confidence and further expanding its domestic lending business while optimizing its use of resources in the investment bank.
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