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Market Daily Report: Bursa Malaysia Ends Slightly Lower Amid Cautious Sentiment On West Asia Conflict

KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia closed marginally lower on Friday, as cautious sentiment persisted, with investors remaining on the sidelines amid ongoing conflicts in West Asia, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.80 points, or 0.16 per cent, to 1,695.50 from Thursday’s close of 1,698.30. The benchmark index opened 5.82 points higher at 1,704.12, and moved between 1,693.65 and 1,708.12 throughout the day.  However, market breadth remained positive, with gainers outnumbering losers 634 to 415, while 521 counters were unchanged, 1,077 untraded and 10 suspended. Turnover improved to 3.38 billion units worth RM2.95 billion from yesterday’s 3.20 billion units worth RM3.50 billion.   
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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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