Bursa Malaysia down while other bourses up

File pic of Bursa Malaysia screens. CIMB lowered its end-2015 target for the KLCI to 1,700 from 1,800.

PETALING JAYA: While the majority of Asian bourses rallied yesterday, the FTSE Bursa Malaysia KL Composite Index (FBM KLCI) stood out like a sore thumb as it was sold down on news that the United States’ Department of Justice was filing lawsuits to forfeit and recover more than US$1bil worth of assets that has been stolen from Malaysia’s sovereign wealth fund, 1Malaysia Development Bhd (1MDB).

The Department of Justice said that the US$1bil in assets was part of some US$3bil that had been diverted from 1MDB and laundered through US financial institutions in violation of US laws.