Another blow for banking stocks
PETALING JAYA: Stocks on Bursa Malaysia, which have been the worst-performing in Asia this year, were dealt another blow as the probability of an interest rate cut hit banking stocks across the board.
Financial stocks, which account for the largest weightage on the FBM KLCI, were hit on the prospect of lower interest rates affecting their profitability.
These stocks, along with the slumping broader market, dragged the FBM KLCI down 20.6 points or 1.2% to 1,663.66.
This marks the most points wiped out since the first trading day of the year, which saw the index losing 22.47 points or 1.33% to 1,668.11 points then.
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