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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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CICC to Merge with Galaxy Securities, Creating China’s Third-Largest Brokerage

China's Brokerage Industry Reshaped by Mega Merger

  • China International Capital Corp (CICC) and China Galaxy Securities to merge, forming a financial giant with $193 billion (¥1.4 trillion) in assets.
  • The deal, backed by Chinese authorities, will be executed via a share swap and is expected to be announced in the coming weeks.

Market & Industry Impact

  • CICC shares surged 8% and China Galaxy soared 10% in Hong Kong following the merger news.
  • The merged firm will surpass Huatai Securities, becoming China’s third-largest brokerage, after Citic Securities and the Guotai Junan-Haitong Securities merger.
  • China's $1.6 trillion securities industry is undergoing consolidation, with Beijing pushing for stronger domestic investment banks to compete with global giants like Goldman Sachs and Morgan Stanley.

Regulatory & Economic Context

  • The merger aligns with China’s financial sector reforms, encouraging consolidation to create 10 leading institutions by 2030.
  • China’s slowing economy and tighter regulations are challenging smaller and mid-sized brokerages, driving M&A activity.
  • The new entity is expected to be better positioned to navigate market turbulence and regulatory changes.

Summary:

  • CICC and China Galaxy Securities to merge, forming China’s third-largest brokerage.
  • The combined entity will have $193B in assets, surpassing Huatai Securities.
  • China is restructuring its brokerage sector to build globally competitive investment banks.
  • Stock prices of both firms surged following the announcement.
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