This week’s financial roundup on property developers turned ah longs, stock market manipulation, oil prices, new Tiong Nam REIT, Maybank branch closures & more.
Developers Can Now Apply to Offer Home Loans
With the property market still in slowdown especially for properties above RM500k, developers can now offer home loans & package attractive deals for buyers
Source: thestar.com.my
Maybank Kim Eng Trader Fined & Suspended for Layering
Layering & creating false markets appears to be quite common yet this ex Maybank Kim Eng trader was penalized by Singapore Exchange’s (SGX) disciplinary committee for “stock manipulation”
Source: smr.theedgemarkets.com
Oil Market Stability in the Near Future, Hopefully?
Saudi Arabia & Russia talk on oil market stability via production output ceiling but stop short of concrete plan. Oil prices went up & then dipped again. It will have significant positive impact on Malaysia (including the Ringgit) if oil prices stabilize.
Source: bloomberg.com
Under Armour CEO Sells Stock
In ths US markets, Under Armour (NYSE.UA) CEO Kevin Plank planning to sell part of his holdings valued at US$72m causing stock price to drop further.
Source: bloomberg.com
Tiong Nam Warehouse REIT Listing
Tiong Nam warehouse REIT listing announcement expected to be in mid-October 2016. Markets first heard significant progress on this earlier this year.
Source: tiongnam.com
Maybank Closing Branches
Maybank next after CIMB to close branches as cost cutting measure in Y2016-2017. Believed to be 27 branches (7% of total branches). Maybank statement that it’s normal to relocate & close branches.
Affected branches (neither confirmed/denied by Maybank)
- Ayer Keroh
- Bachok
- Bandar Baru Bangi
- Bandar Kinrara
- Batu Kawan
- Batu Pahat
- Bayan Baru
- Bukit Mertajam
- Desa Pandan
- Kajang Prima
- KL Sentral
- Kota Damansara
- Langkap
- Padang Besar
- Rantau Panjang
- Salim Commercial Center
- Segambut
- Senai
- Skypark
- Sunway City
- Sunway Pyramid (2)
- Taman Intan
- Taman Kinrara
- Tudan
- Tumpat
Source: therakyatpost.com
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