At Bursa, banks seen as a proxy of the economy fell ahead of the release of the Budget 2020 proposals on Friday afternoon as investors expected slower earnings growth amid a weaker economy.
KUALA LUMPUR: Bank stocks and Tenaga Nasional dragged the FBM KLCI deeper into the red at the close on Wednesday on continued selling pressure, in line with the cautious key Asian markets.
At 5pm, the KLCI was down 7.56 points or 0.48% to 1,551.23. Turnover declined to 1.90 billion shares valued at RM1.68bil. Decliners beat advancers five to three ot 509 losers to 293 gainers and 409 counters unchanged.
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