KUALA LUMPUR (Nov 3): Malayan Banking Bhd’s (Maybank) share price slipped below RM7 in Bursa Malaysia's morning trades today after the stock fell as much as two sen or 0.29% to RM6.99.
At 11:25am, Maybank saw a volume of about 1.03 million shares.
At RM6.99, Maybank has a market capitalisation of about RM78.58 billion, which makes the group the most valuable listed entity in Malaysia.
Maybank shares had tracked the broader market’s decline as investors evaluated factors including the rising number of Covid-19 cases globally during an event-heavy week, which will see markets bracing for Bank Negara Malaysia’s (BNM) interest rate decision and Malaysia’s Budget 2021 announcement besides the US presidential election.
BNM is scheduled to deliver its final monetary policy decision for 2020 today, the same day the US presidential election will take place.
On Friday (Nov 6), the Malaysian government is scheduled to table the country’s Budget 2021 in Parliament.
On Bursa at 11:46am, the KLCI fell 5.72 points or 0.39% to 1,460.74.
TA Securities Holdings Bhd analysts wrote in a note today: "The local market should extend profit-taking consolidation as uncertainties over the domestic economic condition persist given the stubbornly elevated local Covid-19 transmissions, the outcome of BNM's monetary policy meeting and the US presidential elections."