Banking losses drag Bursa lower at midday
The Financial Services Index lost 286.43 points as Maybank, Public Bank and CIMB declined.
Bursa Malaysia’s benchmark stood at 1,594.68 at the midday break on Oct 19, with financial stocks leading the decline following Wall Street’s Friday losses. The FTSE Bursa Malaysia KLCI (FBM KLCI) recorded a 13.08-point fall, equivalent to 0.81 per cent, at 12.30 pm, compared with Friday’s closing level of 1,607.76.
Declining stocks numbered 762 against 215 gainers, alongside 405 unchanged counters. A further 1,462 were not traded and 35 were suspended. Turnover reached RM1.29 billion on volume of 1.39 billion units. After opening at 1,604.18, a loss of 3.58 points, the benchmark touched a morning low of 1,593.37 and a high of 1,604.65.
The Financial Services Index finished at 18,465.39 after shedding 286.43 points. Public Bank’s 13 sen retreat left it at RM4.70, while a 12 sen decline took Maybank to RM9.87. CIMB stood at RM7.15, down five sen. Gains elsewhere included Press Metal, which reached RM6.67 after adding 17 sen, and YTL Power, up six sen at RM5.21.
Tenaga Nasional traded at RM12.94 after a six sen fall, while IHH Healthcare dropped eight sen, reaching RM7.92. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng attributed the bourse’s continuing consolidation to persistent foreign selling and high crude oil prices.
