Banking losses pull Bursa Malaysia benchmark down 0.55 per cent
The broader market recorded more advances than declines, with 686 counters rising and 427 falling.
Malaysia’s benchmark FBM KLCI lost 8.88 points on November 11, closing at 1,595.19, a decline of 0.55 per cent. Selling in banking heavyweights drove the fall, said Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng.
Bank shares among the losers included Maybank, which finished 11 sen lower at RM9.95, and Public Bank, which retreated 15 sen to RM4.53. Hong Leong Bank closed at RM21.48 after a 50 sen decline. CIMB’s closing price was unchanged at RM7.08.
Thong attributed pressure on financial blue chips to concern about rising US bond yields, at 4.99 per cent. He said investors were directing buying towards technology, energy, industrial and construction counters instead.
Despite the benchmark’s retreat, advances across the market numbered 686 against 427 declines, with another 474 counters finishing flat. Trading activity increased from 2.79 billion units to 2.90 billion units, although turnover value decreased from RM2.77 billion to RM2.33 billion.
The Financial Services Index ended at 18,491.21 following a loss of 252.56 points. The FBM ACE Index moved in the opposite direction, reaching 5,306.50 after gaining 96.51 points. New ACE Market listing SKA Capital closed at 49.5 sen, up 6.5 sen.
