Maybank, Maxis lead KLCI into the red

KUALA LUMPUR: Maybank and Maxis weighed on the FBM KLCI on Wednesday on late selling pressure, mainly from foreign funds, while most key Asian markets were in the red also.

There was no respite for Bursa Malaysia as the fallout from the US-China trade tensions, a sharp fall in the yuan and the worrying scandal-hit 1Malaysia Development's debts saw foreign funds exiting the market. This was the 36th day of foreign selling on the local bourse.

At 5pm, the KLCI was down 9.78 points or 0.58% to 1,666,08 and down 7.28% year-to-date. Turnover was 2.01 billion shares valued at RM1.99bil. There were 278 gainers, 558 losers and 410 counters unchanged.

Stock market data showed foreign funds were net sellers at RM256.3mil but the selling was again absorbed by the local institutional buying at RM210.40mil and retail investors net buyers at R45.9mil.