KUALA LUMPUR: Shares of PUBLIC BANK BHD [] fell to a near one year low again on some fund selling in afternoon trade on Wednesday, Sept 28.
At 3.06pm, it was down 22 sen to RM11.98 with 1.79 million shares done.
This was about the lowest since August last year, except for a brief one-day decline to RM11.82 on Monday, Sept 26.
Public Bank foreign fell 26 sen to RM12.02 with 847,700 units transacted.
The FBM KLCI rose 2.44 points to 1,366.64. Turnover was 558.15 million shares done valued at RM883.30 million. There were 321 gainers, 287 losers and 263 stocks unchanged.
Credit Suisse Research, had in a recent report, said in the light of growing investor concerns about a possible repeat of the 2008'09 global financial crisis (GFC), it had looked into the downside risk for the bank.
The risk was based on valuations relative to GFC lows, foreign ownership changes since the GFC and earnings resilience during the GFC.
'Our analysis suggests that CIMB and Maybank are most at risk, while Public Bank and Alliance appear to offer better downside protection. We continue to favour banks that trade on comparatively low valuations, are relatively underowned by foreigners and could rerate on M&A developments. Our top picks are RHB, Alliance and Public Bank,' it said.
'In the case of Public Bank, current foreign ownership of 24.5% is close to an all-time low,' it said.
At 3.06pm, it was down 22 sen to RM11.98 with 1.79 million shares done.
This was about the lowest since August last year, except for a brief one-day decline to RM11.82 on Monday, Sept 26.
Public Bank foreign fell 26 sen to RM12.02 with 847,700 units transacted.
The FBM KLCI rose 2.44 points to 1,366.64. Turnover was 558.15 million shares done valued at RM883.30 million. There were 321 gainers, 287 losers and 263 stocks unchanged.
Credit Suisse Research, had in a recent report, said in the light of growing investor concerns about a possible repeat of the 2008'09 global financial crisis (GFC), it had looked into the downside risk for the bank.
The risk was based on valuations relative to GFC lows, foreign ownership changes since the GFC and earnings resilience during the GFC.
'Our analysis suggests that CIMB and Maybank are most at risk, while Public Bank and Alliance appear to offer better downside protection. We continue to favour banks that trade on comparatively low valuations, are relatively underowned by foreigners and could rerate on M&A developments. Our top picks are RHB, Alliance and Public Bank,' it said.
'In the case of Public Bank, current foreign ownership of 24.5% is close to an all-time low,' it said.
No comments:
Post a Comment