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发表于 14-1-2009 09:38 PM
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BUMIPUTRA-Commerce Holdings Bhd, Malaysia’s second biggest bank byassets, fell the most in more than a month in Kuala Lumpur tradingafter UBS AG downgraded its stock rating to “neutral” from “buy.”
The shares fell 3.6 per cent to RM6.75 at 5 pm close on the Malaysianstock exchange, their biggest drop since December 9. The benchmarkindex dropped 39 per cent last year, the largest slump in more than adecade.
“We expect a difficult environment for the bank’slending operations,” Khairul Rifaie, an analyst at UBS, wrote in areport today. “Weak gross domestic product should lead to zero percentloan growth” and an increase in loan loss provisions.
UBSfollows other brokerages in downgrading Malaysian banks as theireconomists predict slower growth for the Southeast Asian nation.Yesterday Citigroup Inc advised investors to sell Malaysian bankingstocks as the country will slide into a recession in the first quarter,eroding corporate earnings.
Khairul raised its 12-month price target for Bumiputra shares to RM7.2from RM6.9ringgit after adjusting his risk- free rate assumption.
Citigroup cut its growth forecast for Malaysia to 0.5 per cent for 2009from 3.1 per cent on lower exports, according to a report yesterday.Citigroup’s forecast is lower than the official estimate of 3.5 percent for growth in 2009, which would be the slowest expansion in eightyears. - Bloomberg |
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