Banking stocks drag Bursa Malaysia below 1,600 level

KUALA LUMPUR: The fall in shares of banking heavyweights weighed heavily on Bursa Malaysia, causing the index to slip below the crucial 1,600 mark.

Turnover declined to 2.79 billion units valued at RM2.90 billion versus 3.19 billion units valued at RM2.96 billion yesterday. "Inflation metrics also pointed to stabilisation, with the core Personal Consumption Expenditures Index rising 0.3 per cent in October and 2.8 per cent year-on-year, aligning with expectations and the Federal Reserve’s 2.0 per cent target range.

Additionally, an acceleration in construction activities signals improving fundamentals, positioning the sector as a potential outperformer in the near term.

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