KENANGA ANNUAL REPORT 2020

303 ANNUAL REPORT 2020 // KENANGA INVESTMENT BANK BERHAD 51. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONT’D.) Fair value measurement (cont’d.) There have been no transfers between Level 1 and Level 2 during the financial years. The methods and assumptions used to estimate the fair value of the financial instruments not measured at fair value are as disclosed in Note 48. Movements in Level 3 financial instruments measured at fair value The level of the fair value hierarchy of financial instruments is determined at the beginning of each reporting period. The following table shows a reconciliation of the opening and closing amounts of Level 3 financial assets which are recorded at fair value: Group and Bank Equity securities at FVTPL RM’000 Equity securities at FVOCI RM’000 2020 Balance at the beginning of the financial year 28,994 1,088 Acquisition of investments during the financial year 22,475 - Revaluation (loss)/gain during the financial year (3,016) 902 Balance at the end of the financial year 48,453 1,990 2019 Balance at the beginning of the financial year 31,077 1,754 Revaluation loss during the financial year (2,083) (666) Balance at the end of the financial year 28,994 1,088