Banking stocks ride on optimism

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Some banks are inching closer to their 52-week high levels.

, which hit its year-to-date low on Aug 19 after a downtrend since March, has since recovered by 4.86% to RM4.10. The 52-week high level was RM4.97 per share.Holding Bhd closed marginally near its 52-week high of RM4.88 yesterday, after breaching the level. In the past two weeks, the stock was up 6.11% to RM4.86 as of closing yesterday.

Commenting on the banking sector’s expected second-quarter results, Chua anticipates a quarter-on-quarter weakening. “The earnings weakness may flow into the third quarter. I think we will see an improvement in the fourth quarter and onwards,” he said. However, outstanding business loan growth increased to 0.9% in June, reflecting stronger working capital loan growth. In comparison, business loans grew 0.4% in April and May.

Fitch Ratings, in a reply to StarBiz, cautioned that there was more loan impairment to come for the Malaysian banks, given the severity of the economic shock posed by the Covid-19 pandemic. “This buys borrowers time for the economy to return to a stronger footing and to benefit from fiscal transfers and pension withdrawals that were announced by the government.

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