CIMB, Maybank fall on Indonesia plan

CIMB Group Holdings Bhd and Malayan Banking Bhd fell after HwangDBS Vickers Research Sdn Bhd said the Indonesian central bank’s plan to limit investor ownership in commercial banks may hurt earnings.

Shares of CIMB, which owns an Indonesian bank, slid 1.4 per cent to RM8.44 at 9:30 a.m. in Kuala Lumpur trading, set for the lowest close since June 15.

Malayan Banking, or Maybank, lost 1 per cent to RM8.73.

The plan, if passed, is “negative,” more so for CIMB than Maybank, HwangDBS said in a report today. -- Bloomberg