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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Tech Giants to Face Increased Scrutiny Under New BOE Supplier Risk Rules

Starting January 1 , major tech companies working with UK financial institutions will face stricter oversight under new regulations designed to mitigate risks posed by critical third-party suppliers . The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) will gain powers to take action if service providers present risks to the financial system. These critical third parties will be required to co-operate with regulators during incidents, ensuring proper documentation of risk management and security protocols . Additionally, the FCA and PRA could demand section 166 reports from tech companies, similar to existing requirements for the finance sector, to assess internal processes. As banks increasingly outsource IT infrastructure to tech giants, potential disruptions pose significant risks to market stability. The recent CrowdStrike Holdings outage in July highlighted these concentration risks. Roughly 70% of banks and 80% of insurers rely on just two clou
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Citigroup Relocates Staff from Lebanon to Turkey Amid Escalating Violence

Citigroup Inc. , the only major US bank with a significant presence in Lebanon, has relocated some of its staff to Turkey as the conflict between Hezbollah and Israel intensifies. The move comes in response to escalating military clashes, including Israeli air strikes in Beirut , where Citigroup’s office is located. While Citigroup continues to service its clients in Lebanon, over 20 employees remain in the country. The bank, which prides itself on maintaining operations in volatile markets, took precautionary measures to ensure the safety of its staff, according to sources familiar with the matter. "The safety and well-being of our people remains our top priority," a Citigroup spokesperson said in an email, adding that the company is closely monitoring the situation and has resources in place to support its employees and their families. Citigroup has a long history in Lebanon, dating back to the 1950s , although it temporarily withdrew in 1987 due to the civil war. The b
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Citigroup Posts Strong Q3 Results as Trading Outperforms

Citigroup Inc. delivered its best third-quarter performance in trading in over a decade, with revenue from its markets division rising 1% to $4.82 billion , driven by a 32% increase in stock trading revenue . This result surpassed expectations, as Citigroup had previously warned of a potential decline in trading income. Despite a 9% dip in net income to $3.2 billion , or $1.51 per share , the bank saw gains across its key businesses, including services , banking , wealth management , and U.S. personal banking , reflecting progress in CEO Jane Fraser’s turnaround strategy. Citigroup’s investment banking division saw revenue rise 16% to $1.6 billion , with a 44% jump in investment-banking fees , while its vast services business set a new record with $5 billion in revenue. The wealth management business also posted a 9% revenue increase to $2 billion . The strong trading performance came amid a volatile quarter, with the VIX , known as Wall Street’s fear gauge, spiking. Citigro
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Swedish Bankruptcies Surge Again Amid Economic Uncertainty

More than 700 Swedish companies declared bankruptcy in September, marking a 17% increase from the previous year, according to data from credit reference agency Creditsafe . This uptick follows a 3% annual decrease in bankruptcies reported in August, signaling a concerning trend for the nation's economy. Real Estate Sector Hardest Hit The real estate sector faced particularly severe challenges, with bankruptcies in this industry more than doubling during the month. Despite a general sense of optimism regarding an economic recovery—fueled by the central bank's decision to reduce borrowing costs—this positive sentiment has yet to manifest in increased business activity. Henrik Jacobsson , CEO of Creditsafe in Sweden, noted, “This uncertainty continues to put pressure on businesses in Sweden.” Ongoing Economic Struggles Jacobsson highlighted rising unemployment and the necessity for many companies to lay off staff as critical issues. He pointed out that investments in the Swed
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