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=MARKET BUZZ: Malaysia DRB-Hicom Surrenders Part Of 1.9% Gain, Proton Sales Help

KUALA LUMPUR (Jun 11) -- Shares in DRB-Hicom gives up some gains after rising as much as 1.9% to MY2.18 after 50.1%-owned unit Proton Holdings reported better car sales in May. Stock now up 0.9% at MYR2.16. Proton May sales rose most in 46 months, with total vehicle sales up 51.3% month-on-month at 10,611 units. The car maker’s market share stood at 17.2% last month. AmInvestment Bank keeps Hold rating and target price of MYR1.78 on the stock. “We saw an improvement in the group’s automotive segment after a convincing swing back into black in FY19,” house says. Adds, this will continue in the foreseeable future as Proton has a slew of new launches ahead.

- By Gho Chee Yuan; Terence.Gho@nikkeinewsrise.com; 60320267363
- Edited By Abhrajit Gangopadhyay
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