`Selling of AMMB shares overdone', BUSINESS TIMES

Business Times (Malaysia), September, 2000 by Debra Moreira

Business Times (Malaysia) 09-05-2000 SHARES of AMMB Holdings Bhd, the country's fifth biggest lender, which plunged as much as 33 per cent last Friday after it agreed to merge with Utama Banking Group, may soon recover from its lows, analysts say. "Last week's selling was overdone," an analyst said. AMMB's agreement to merge its operations with that of the Utama Banking Group was adversely received by the market.

There was much confusion and negative reactions to the deal, prompting investors to dump AMMB shares. Yesterday, AMMB shares lost 2.2 per cent or 20 cents to close at RM8.70 with the stock being the most active counter in the Kuala Lumpur Stock Exchange. It reached a high of RM9.05 and a low of RM8.55, with 15.77 million shares traded. ...