Malaysia Market: Banks weigh on KLCI at late morning

KUALA LUMPUR: Banking stocks were among the major losers on Monday, Oct 3 as the FBM KLCI slumped more than 2.1% as nervous investors off-loaded riskier assets in line with the negative sentiment that swept through key regional markets.

Banks are often seen as a proxy to the economy, and given the gloomy global outlook on the back of the looming euro zone debt crisis, most prone to a selldown in the current climate given the uncertainties.

At 11.15am, HLFG fell 50 sen to RM10.40, Hong Leong Bank lost 36 sen to RM9.82, AMMB 22 sen to RM5.57, Maybank 20 sen to RM7.80, CIMB and RHB Capital 13 sen each to 6.84 and RM6.87, Public Bank 10 sen to RM12.10, Affin nine sen to RM2.40 and AFG seven sen to RM3.23.

The FBM KLCI slumped 30.35 points to 1,356.78 at 11.15am.

Losers beat gainers by 443 to 86, while 152 counters traded unchanged.(theedgemalaysia.com)