KUALA LUMPUR (March 16): Banking and utility stocks such as Malayan Banking Bhd (Maybank), Public Bank Bhd, CIMB Group Holdings Bhd and Tenaga Nasional Bhd led the decline on the FBM KLCI this morning.

At 9:38am, Maybank was trading 3.17% or 25 sen lower at RM7.63 apiece, valuing it at some RM85.77 billion. It saw some 5.76 million shares traded.

Another banking counter, Public Bank, was trading 2.35% or 36 sen lower at RM14.94 on a trading volume of 1.66 million shares. Its market capitalisation is now worth RM58 billion.

CIMB declined by 5.99% or 24 sen to RM3.77, giving it a market capitalisation of RM37.41 billion. In total, it saw some 4 million shares traded.

Utility giant TNB declined by 2.03% or 24 sen to RM11.58, valuing it at some RM65.85 billion. The counter saw some 490,400 shares traded.

Petronas Chemicals Bhd fell 2.97% or 13 sen to RM4.25, giving it a market capitalisation of RM34 billion. It saw some 979,000 shares traded.

Other notable declines among constituent stocks on the local bourse include plantation company Kuala Lumpur Kepong Bhd, which was trading 3.42% or 64 sen lower at RM18.06, and Hap Seng Consolidated Bhd, which posted a decline of 7.14% or 55 sen to RM7.15.

At the time of writing, the FBM KLCI index was trading 2.72% or 36.55 points lower at 1,308.2 points.