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Market Daily Report: Bursa Malaysia Ends Higher, CI Up 1.10 Pct

KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst.  IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
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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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