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Market Daily Report: Bursa Malaysia Ends Flat On Renewed Global Bond Yields, Geopolitical Concerns

KUALA LUMPUR, Aug 21 (Bernama) -- Bursa Malaysia ended little changed on Friday, as investors remained cautious amid renewed pressure on global bond yields and geopolitical tensions, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.23 points to 1,736.48 compared with Thursday’s close of 1,736.71. The benchmark index opened 0.63 of a point lower at 1,736.08, and fluctuated between 1,733.13 and 1,738.30 throughout the day. On the broader market, losers outpaced gainers 637 to 578, while 571 counters were unchanged, 1,086 untraded and 47 suspended. Turnover decreased to 3.91 billion units valued at RM3.32 billion from 4.28 billion units valued at RM4.01 billion on Thursday.  
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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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