KUALA LUMPUR: There was a strong pullback on the FBM KLCI on Wednesday with a scheduled dividend for leading heavyweight Maybank going ex, weighing on the benchmark.
At the morning bell, the index was down 6.78 points to 1,653.57, after Maybank was adjusted lower to RM10.64.
There were also declines in other bank counters, including CIMB down seven sen to RM8.42, RHB shedding five sen to RM6.26 and Public Bank dropping three sen to RM4.78.
Among the leading actives, Globetronics bounced back 4.5 sen to 58.5 sen after plunging in the previous session on the back of news its auditors had resigned on a voluntary basis.
Velesto
shed 0.5 sen to 18.5 sen and Ekovest fell 0.5 sen to 33.5 sen.
According to Malacca Securities Research, the local technology sector may face headwinds due to the strengthening ringgit.
In addition, the resignation of Globetronics' auditors may affect sentiment in the sector.
The research firm said it favours sectors that benefit from a stronger ringgit, such as consumer and financial.
"We are also positive on selected construction and building materials stocks, supported by the data center segment," it added in a note.
Meanwhile, Malacca Securities Research said investors will likely keep a close eye on the developments in the Harris-Trump presidential debate, as it could provide insight into which sectors to focus on.
