KLCI loses 0.49% as Maybank and Public Bank weigh

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KUALA LUMPUR (Nov 13): The FBM KLCI lost 0.49% at the midday break today, tracking regional markets, as Malayan Banking Bhd (Maybank) and Public Bank Bhd led the decline.

At 12.30pm, the FBM KLCI lost 7.82 points to 1,601.91.

Losers led gainers by 370 to 165, while 513 counters traded unchanged. Volume was 1.18 billion shares valued at RM655.47 million.

The top losers included Hong Leong Industries Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, KESM Industries Bhd, Maybank, Public Bank, Sarawak Consolidated Industries Bhd and Axiata Group Bhd.

The actives included Trive Property Group Bhd, NetX Holdings Bhd, MTAG Group Bhd, Prestariang Bhd, Bumi Armada Bhd and Iris Corp Bhd.

The gainers included Nestle (M) Bhd, Cycle & Carriage Bintang Bhd, United Plantations Bhd, Heineken Malaysia Bhd, UWC Bhd, Batu Kawan Bhd, Petronas Dagangan Bhd and Malaysia Airports Holdings Bhd.

Most Southeast Asian stock markets lost ground on Wednesday, after US President Donald Trump offered no new details on trade talks with China and warned Beijing of more tariffs if an interim deal was not struck, according to Reuters.

In a closely watched speech at the Economic Club of New York, Trump said the signing of an initial trade deal was close, but did not offer further details on dates or the terms of the agreement. He also warned of additional tariffs if China did not agree to a deal, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed slightly higher in yesterday's session, gaining 1.58 points or 0.1%, closing at 1,609.73.

"The index has been steadily inching up ever since staging a rebound from the 1,550 level. Note that the index is now approaching the 1,615 level, whereby price may potentially face some resistance.

"Nonetheless, key indicators on the daily timeframe are still showing strength, indicating that bullish momentum remains strong for the immediate term," it said.