Malaysian benchmark falls below 1,600 as bank shares retreat
Declining stocks outnumbered gainers 741 to 322, while trading value fell to RM2.38 billion.
Malaysia’s FBM KLCI finished at 1,595.75, losing 12.01 points as banking shares declined. The 0.74 per cent fall took the benchmark below the 1,600 support level, with an analyst attributing pressure on major banks to continued foreign selling.
The index had ended the previous session at 1,607.76. It began trading at 1,604.18 and touched a low of 1,593.37 and a high of 1,604.65. Across the wider market, 741 stocks fell and 322 rose, while another 482 were unchanged. Trading value dropped to RM2.38 billion from RM3.27 billion.
Among banks, Public Bank closed at RM4.71 after losing 12 sen, while Maybank finished nine sen lower at RM9.90. CIMB declined by five sen, ending at RM7.15. AMMB Holdings lost 16 sen, closing at RM6.19, and RHB Bank finished at RM7.20 after a 12-sen decline.
Other heavyweight shares were mixed. Press Metal added 18 sen, closing at RM6.68, while YTL Power rose by 11 sen, ending at RM5.26. TNB finished two sen lower at RM12.98, and IHH Healthcare closed at RM7.90 after losing 10 sen.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the broker remained cautious. He said the sharp domestic sell-off and the benchmark’s move below 1,600 indicated that near-term selling pressure had not yet eased.
