Domestic stock benchmarks gave way to selling pressure in early trade as trade concerns and lackluster earnings results weighed on market sentiment.
At 3.50pm, the FBM KLCI fell 9.92 points (0.65%) to 1,524.33, weighed down by financial services counters.
Maybank fell four sen to RM9.88, Public Bank fell five sen to RM4.36 and CIMB fell five sen to RM6.91.
Volume of 1.52 billion shares worth RM755.12 million was traded.
The lackluster trading was due to the US stock market being closed overnight on Wall Street.
Meanwhile, concerns were high following US President Donald Trump's threat to impose a 50% tariff on EU imports, although he has postponed the deadline for the imposition to July 9.
According to Rakuten Trade Sdn Bhd Vice President of Equity Research, Thong Pak Leng, traders are also concerned about the prolonged price war among global electric vehicle (EV) manufacturers, which is expected to affect profit margins in the long term.
He added that the short-term trading by foreign funds will certainly prolong the consolidation of the benchmark index and the FBM KLCI will hover in a range of 1,535 to 1,545 points, with buying pressure still limited in a cautious mood.
Among heavyweights, Maybank fell four sen to RM9.88, while Public Bank fell three sen to RM4.38, Tenaga and IHH Healthcare each fell two sen to RM13.98 and RM6.89 respectively, and CIMB fell one sen to RM6.95. – Bernama
