Bank counters weigh on FBM KLCI after recent earnings reports
KUALA LUMPUR: The local stock index drifted lower in the early session as investors sold down financial heavyweights following their recent earnings announcements.
The FBM KLCI was down 1.29 points to 1,525.60 at the midday break, as the domestic market shrugged off a global rally sparked by a US trade court's decision to block US President Donald Trump's tariffs on trading partners.
On the broader market, the number of declining issues piped advancers 430 to 400 after 2.16 billion shares changed hands for RM1.06bil.
Hong Leong Bank weighed on the market as traders sold down its shares by 28 sen to RM19.62 on the back of its earnings report yesterday.
Sector peer RHB, which also released its earnings yesterday, fell 14 sen to RM6.53.
Other laggards included Telekom down 30 sen to RM6.55, Guan Chong sliding 18 sen to RM3.25 and Sunway Construction dropping 12 sen to RM5.83.
Key Asian markets maintained a rally on news of a potential reprieve in US tariffs imposed on the rest of the world.
Japan's Nikkei rose 1.53% to 38,297 while China's blue-chip CSI 300 gained 0.68% to 3,862 and Shanghai's composite index rallied 0.72% to 3,363.
Hong Kong's Hang Seng climbed 0.65% to 23,408.
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