KLCI starts on weaker note as Public Bank and Maybank drag, domestic polictics and Covid-19 weigh

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KUALA LUMPUR (Oct 9): The main index at Bursa Malaysia started on a weaker note Friday morning as index heavyweights Public Bank Bhd and Malayan Bangking Bhd dragged as investors digested domestic political uncertainties, the coronavirus spike and flat regional markets.

Domestic politics are likely to take centre stage at least until Oct 13 when Opposition leader Datuk Seri Anwar Ibrahim meets with the King next week to present his case for taking over the premiership from Prime Minister Tan Sri Muhyiddin Yassin.

At 9.05am, the benchmark FBM KLCI shed 5.95 points to 1,513.48.

The early decliners included Public bank Bhd, G3 Global Bhd, Petronas Gas Bhd, Westports Holdings Bhd, QL Resources Bhd, Malayan Banking Bhd and Digi.Com Bhd.

Bloomberg said U.S. equity futures climbed after the White House appeared to shift tack and signaled the Trump administration is again leaning toward a large-scale stimulus bill. Crude oil held on to gains ahead of a storm.

S&P 500 contracts were about 0.5% higher following news that Treasury Secretary Steven Mnuchin told Nancy Pelosi that President Donald Trump wants agreement on a comprehensive aid package. Shares in Japan and Australia were flat. All eyes will be on the reopening of Chinese markets Friday after a week-long holiday, it said.