KUALA LUMPUR, Nov 12 (Bernama) -- Bursa Malaysia extended its losing streak for a fourth consecutive session, closing lower on Thursday amid continued broad-based selling that weighed on market sentiment, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.23 points or 0.57 per cent to 1,585.96 from Wednesday's close of 1,595.19. The benchmark index opened 3.61 points lower at 1,591.58 and fluctuated between an intraday low of 1,583.66 and a high of 1,592.89 throughout the day. Market breadth remained negative with losers thumping gainers 799 to 318, while 476 counters were unchanged, 1,181 untraded and 13 suspended. Turnover climbed to 3.06 billion units valued at RM2.56 billion compared with yesterday’s 2.90 billion units valued at RM2.33 billion.
Shares of major US banks, including Goldman Sachs, JPMorgan, and Citigroup, soared after Donald Trump’s election win, with investors optimistic about tax cuts and deregulation under his administration. Trump has pledged to reduce the corporate tax rate from 21% to as low as 15% and eliminate excessive regulations—a contrast to Kamala Harris’s tax-raising plans. Goldman Sachs rose 13%, with JPMorgan up 12% and Citigroup up 8%, hitting multi-year highs. An ETF tracking major bank stocks also saw its best rise in four years. Analysts predict a friendlier regulatory environment that could lift bank profitability, particularly through increased dealmaking and capital markets activity. Trump’s return could also disrupt the Basel capital rules, with speculation that he may reduce capital requirements for US banks, according to Bloomberg Intelligence. Wells Fargo’s Mike Mayo noted this could lead to a “capital markets super-cycle” as deal activity rises. On the global front, European...