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Market Daily Report: Bursa Malaysia Rebounds To Close Higher On Bargain Hunting In Blue Chips

KUALA LUMPUR, May 12 (Bernama) -- Bursa Malaysia rebounded to close higher on Tuesday amid selective bargain-hunting in blue-chip stocks after closing lower in the last two trading sessions, analysts said. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) strengthened by 5.25 points or 0.30 per cent to 1,750.56 from Monday’s close of 1,745.31. The benchmark index, which opened 3.14 points firmer at 1,748.45, moved between 1,748.45 and 1,755.54 during today’s session. Market breadth was positive, with gainers slightly ahead of losers, 590 to 583. A total of 595 counters were unchanged, 897 untraded, and 11 suspended. Turnover increased to 4.92 billion units worth RM3.59 billion compared with 4.20 billion units worth RM3.17 billion on Monday.
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Hong Leong Bank Expects Lower Costs with AI Integration

AI-Driven Cost Efficiency

  • Hong Leong Bank (HLBANK) projects a lower cost-income ratio (CIR) due to AI adoption, expecting CIR to drop below 40%, compared to its previous 41% guidance.
  • For 1HFY2025, CIR stood at 38.8%, exceeding expectations despite heavy IT and digital investments.
  • AI is being expanded beyond collections and telemarketing to other operations, including boosting relationship managers’ productivity.

Strategic AI & Digital Banking Collaboration

  • Hong Leong Bank partners with China’s largest digital bank, WeBank Technology Services, serving 400M retail customers & 5M businesses.
  • The alliance will focus on AI, automation, and sales/service digitization to enhance efficiency and technological capabilities.

Workforce & Regulatory Impacts

  • AI adoption will not affect workforce numbers (~10,000 employees) but aims to improve productivity.
  • The removal of the Rule of 78 interest calculation method is expected to have an immaterial impact on Hong Leong Bank’s financials.

Bank of Chengdu Stake & Market Performance

  • Hong Leong Bank’s stake in Bank of Chengdu (BoCD) remains stable at 17.8% after dilution from minority shareholders converting bonds.
  • Stock surged 2.6% to RM21.42, valuing the bank at RM46.04 billion.

Summary:

  • Hong Leong Bank expects AI to reduce operational costs, lowering CIR below 40%.
  • Strategic alliance with China’s WeBank focuses on AI and digital transformation.
  • AI implementation will not affect workforce size but enhance productivity.
  • Stock price gained 2.6%, with market value reaching RM46.04 billion.
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