Sell-downs in Southeast Asia amid index gains

Khazanah sells $370 million worth of shares in Malaysia's CIMB bank, while the controlling shareholders of Thai broadcaster BEC World raise $126 million from the sale of a 5.6% stake.

Malaysia’s government investment fund Khazanah last night sold a small portion of its stake in CIMB, the country’s second largest financial services provider, raising M$1.17 billion $370 million. The sale came as the Malaysian stockmarket hit a new two-year high, and as international investors are starting to view the market as a bit of a Southeast Asia laggard with the potential for a year-end rally.

Malaysia’s benchmark index is up 16.9% so far this year, which puts it ahead of major Asian markets like Hong Kong, Singapore, Korea, Taiwan, China and Japan. However, it is well behind this year’s top performers Indonesia and the Philippines which have gained 40% and 38.2% respectively amid...

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