Malaysia’s best-performing bond fund is holding five times as much cash as usual and is considering buying the debt of local lenders and power companies if yields keep rising, the vehicle’s manager said.
Raymond Tang , who oversees $6.4 billion as chief investment officer at CIMB-Principal Asset Management Bhd. in Kuala Lumpur, comments on the impact on stocks of Japan’s nuclear accident following its strongest earthquake .
Malaysia’s biggest pension fund sold about 331 million ringgit ($110 million) of shares in the country’s benchmark index as Prime Minister Najib Razak’s election victory sparked the largest rally since 2008.
Citic Securities Co., China’s largest brokerage by market value, and France’s Credit Agricole SA are nearing an agreement to form a global brokerage venture, including China and the Asia Pacific region, said four people with knowledge of the matter.
Emerging-market stocks tumbled the most in eight months, currencies sank and borrowing costs rose as growing concerns of a nuclear disaster in Japan and conflict in the Middle East spurred investors to sell riskier assets.
The yuan ranks in the top three on Pacific Investment Management Co.’s emerging-market investment radar, partly because of a $3.66 trillion currency pile that China’s central bank this week described as excessive.
Citic Securities Co., China’s largest brokerage, was reprimanded by the nation’s securities regulator for failing to disclose a drop in profit at SooChow Securities Co. when advising on its initial offering.