Bursa Malaysia erases earlier gains as investors turn sour on banks

KUALA LUMPUR: The FBM KLCI turned negative in late-morning trade after bank stocks succumbed to fears over rising competition from digital banks, erasing earlier strong gains on the back of the US Federal Reserve's recent rate hike announcement.

At 12.30pm, the benchmark index was down 4.93 points to 1,595.5. The overall market also turned into the red with 493 decliners compared with 392 decliners.