How did Maybank, Public Bank, and other heavyweights move at open?

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Major Heavyweights Decline at Bursa Malaysia Opening

At the opening of Bursa Malaysia, key heavyweight stocks experienced a downturn. Maybank shed two sen to trade at RM8.03, Public Bank fell 12 sen to RM4.05, and Petronas Chemicals dropped 14 sen to RM8.55. IHH Healthcare also saw a decrease, slipping eight sen to RM6.46, while Tenaga eased three sen to RM9.36. This movement occurred as traders were digesting the implications of Budget 2022, which was presented on Friday.
Decline in Banking and Financial Stocks

The banking and financial sector heavyweight stocks registered declines in early trading. Maybank's share price dipped by two sen, settling at RM8.03. Similarly, Public Bank saw a more significant drop of 12 sen, trading at RM4.05. The Financial Services Index itself tumbled by 325.95 points, reaching 15,263.26, reflecting a broader weakness in the sector.
Energy and Healthcare Sectors Also Lower

Beyond the financial institutions, other major counters also experienced downward pressure. Petronas Chemicals, a significant player in the petrochemical industry, dropped 14 sen to RM8.55. In the healthcare sector, IHH Healthcare slipped by eight sen to RM6.46. Tenaga Nasional, a key utility provider, eased three sen to RM9.36, indicating a general trend of declines among prominent stocks.
Broader Market Sentiment Reflects Budget Digest

The overall market sentiment at the opening was subdued, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropping 24.97 points to 1,537.34. Losers significantly outnumbered gainers on the broader market, with 566 counters falling compared to only 55 advancing. This widespread decline suggests that the market was broadly reacting to the details of Budget 2022, with some analysts noting that the "Cukai Makmur" (prosperity tax) and changes to contract notes stamp duty might create near-term selling pressure despite an otherwise expansionary budget.

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How did Maybank, Public Bank, and other heavyweights move at open?

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