KUALA LUMPUR, May 21 (Bernama) -- Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54 per cent, to 1,708.36, from yesterday’s close of 1,717.69. The benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day. Market breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended. Turnover fell to 3.49 billion units worth RM3.70 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.
Quick Summary DBS, OCBC, UOB and CIMB among bidders HSBC Indonesia retail assets valued at >US$200m Binding bids reportedly due mid-March Move reflects Southeast Asia expansion push Major Banks Target HSBC’s Indonesia Exit Some of Asia’s largest lenders are preparing bids for HSBC Holdings ’s retail assets in Indonesia, according to Bloomberg sources. Potential bidders include: DBS Group Holdings Oversea-Chinese Banking Corp (OCBC) United Overseas Bank (UOB) CIMB Group Holdings Sumitomo Mitsui Financial Group The assets could fetch more than US$200 million (RM777m) . Key point: Indonesia’s banking sector is heating up as global lenders retreat and regional giants expand. Why HSBC Is Selling Under CEO Georges Elhedery , HSBC has: Streamlined operations Cut management layers and jobs Reorganised into four core divisions Conducted targeted reviews in Australia, Indonesia and Egypt HSBC Indonesia: ~2,300 employees 28 branches Serves c...