KUALA LUMPUR (Feb 6): Banking stocks lost over RM7.7 billion of their value so far today, in line with the fall in global stock markets after the Dow Jones Industrial Average (DJIA) closed at its lowest in six-and-a-half years yesterday.

As at 4.37pm, the finance index was down 342.17 points or 1.93% at 17,411.52 — slightly higher from its intraday low of 17,072.64 in early trade.

Shares in Public Bank Bhd were down 40 sen or 1.82% to RM21.58, with 14.78 million shares transacted for a market capitalisation of RM82.01 billion.

Malayan Banking Bhd shares were also 2 sen or 20% lower at RM10, with 25.65 million shares traded, for a market cap of RM106.12 billion.

CIMB Group Holdings Bhd's share price was 22 sen or 3.1% lower at RM6.87, with 49.4 million shares changing hands, valuing it at RM62.27 billion, while Hong Leong Bank Bhd shares fell 66 sen or 3.55% at RM17.94, with 3.77 million shares done, for a market cap of RM36.57 billion.

MIDF Amanah Investment Bank Bhd senior banking analyst Imran Yassin Yusof said the fall is, however, not alarming as it is a broad-based drop due to DJIA and not an inherent weakness.

"We are still positive on the sector and we expect it to perform better this year than last year following the increase in the overnight policy rate (OPR), expected growth in loans while asset quality is good," he told theedgemarkets.com.

"The sector's fundamental is still there. The current fall in the index just a result of investors locking in profit because of the lower close in DJIA. Nothing alarming about that," he added.