The Employees Provident Fund is expected to gain from trimming its holdings in a number of stocks that include many from the country’s major banks, according to The Edge.
Among the banking stocks, RHB Bank Bhd. was trimmed the most at 0.518 percentage points followed by CIMB Group Holdings Bhd. (0.45ppt), Public Bank Bhd (0.44ppt), Hong Leong Bank Bhd. (0.295ppt) and Malayan Banking Bhd (0.118ppt).
It bought more of Digi.Com Bhd’s shares, however.
Areca Capital Sdn Bhd CEO Danny Wong was quoted as suggesting that the EPF’s recent buy and sell attitude is likely a minor portfolio “readjustment”.
He said the pension fund’s actions were in line with its mandate and driven by “market liquidity”.
“It’s so big it cannot just join the herd movement — buying when the market is buying or selling when the market is selling.
“This will escalate volatility in the market which is not in its interest,” Wong was quoted as saying. – MALAY MAIL ONLINE
