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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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Citigroup Posts Strong Q3 Results as Trading Outperforms

Citigroup Inc. delivered its best third-quarter performance in trading in over a decade, with revenue from its markets division rising 1% to $4.82 billion, driven by a 32% increase in stock trading revenue. This result surpassed expectations, as Citigroup had previously warned of a potential decline in trading income.

Despite a 9% dip in net income to $3.2 billion, or $1.51 per share, the bank saw gains across its key businesses, including services, banking, wealth management, and U.S. personal banking, reflecting progress in CEO Jane Fraser’s turnaround strategy.

Citigroup’s investment banking division saw revenue rise 16% to $1.6 billion, with a 44% jump in investment-banking fees, while its vast services business set a new record with $5 billion in revenue. The wealth management business also posted a 9% revenue increase to $2 billion.

The strong trading performance came amid a volatile quarter, with the VIX, known as Wall Street’s fear gauge, spiking. Citigroup’s trading desks, especially in index and single-stock trading, benefited from this volatility, along with gains in share buybacks and increased high-touch and programmatic trading activity.

Despite these gains, Fraser noted that the bank’s return on tangible common equity fell to 7%, down from 7.2% in the previous quarter, indicating the bank still faces challenges as it strives to reach its target of at least 11% by 2026.

This quarter’s results highlight Citigroup’s improved performance as it continues to restructure, having already reduced its workforce by 20,000 roles under Fraser’s leadership.

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