KUALA LUMPUR (Oct 22): Malayan Banking Bhd (Maybank) saw its market capitalisation slip to below RM80 billion at the end of the morning trading session today.

It is still the largest counter in terms of market capitalisation on the local bourse today, even after it fell by 0.84% or six sen to RM7.09, resulting in a market value of RM79.70 billion. The counter saw 6.08 million shares traded.

This now means that Top Glove Corp Bhd, which is the second-largest company on Bursa Malaysia at RM72.84 billion, is only around RM6.9 billion away from reaching Maybank’s current market value.

Public Bank Bhd also declined during morning trade, with its shares down by 1.02% or 16 sen at RM15.60, valuing it at some RM60.72 billion. It saw 870,600 shares done.

As it stands, Public Bank has slipped from the top three big-cap stocks on Bursa Malaysia, which now comprise Maybank, Top Glove and Hartalega Holdings Bhd, whose market cap is RM62.73 billion.

In a note today, TA Securities Research said stocks should trade with a downward bias on worries of Enhanced Movement Control Order measures adversely impacting economic growth, with continued profit-taking interest in healthcare-related stocks still present.

“Key chart supports for the index will be from the October and September lows of 1,489 and 1,474 respectively, with more solid supports from the 38.2% FR of the 1,207 to 1,618 upswing at 1,461, and then 1,450.

“Immediate upside hurdle remains the 50-day moving average at 1,525, with next hurdle at the 100-day ma at 1,538, followed by 1,560, and then the 100-week moving average at 1,577,” the research house noted.