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
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”
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.
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.
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.
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
- Bandar Baru Bangi
- Bandar Kinrara
- Batu Kawan
- Batu Pahat
- Bayan Baru
- Bukit Mertajam
- Desa Pandan
- Kajang Prima
- KL Sentral
- Kota Damansara
- Padang Besar
- Rantau Panjang
- Salim Commercial Center
- Sunway City
- Sunway Pyramid (2)
- Taman Intan
- Taman Kinrara