KUALA LUMPUR: CIMB Group Holdings Bhd shares extended their losses in early trade on Tuesday, July 19 as news about the central bank of Indonesia possibly introducing a cap on foreign ownership in local banks later this year continued to worry investors.
At 9.10am, CIMB fell six sen to RM8.50 with 304,500 shares done.
CIMB saw RM1.41 billion erased from its market capitalisation on Monday. It closed 19 sen lower at RM8.56, the lowest since June 23, with 23.05 million shares done.
ECM Libra Research said although it remained cautiously optimistic that the new regulation may not be applied retroactively given the difficulties in implementing the policy without potential backlash from foreign investors, this could pose a downside risk to CIMB and Maybank's earnings prospects, if it was being employed retroactively.
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At 9.10am, CIMB fell six sen to RM8.50 with 304,500 shares done.
CIMB saw RM1.41 billion erased from its market capitalisation on Monday. It closed 19 sen lower at RM8.56, the lowest since June 23, with 23.05 million shares done.
ECM Libra Research said although it remained cautiously optimistic that the new regulation may not be applied retroactively given the difficulties in implementing the policy without potential backlash from foreign investors, this could pose a downside risk to CIMB and Maybank's earnings prospects, if it was being employed retroactively.
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