Political drama hits Bursa, ringgit

With the future of the ruling government hanging in the balance, Bursa Malaysia witnessed a major bloodbath as 1,015 counters declined compared to only 138 gainers. A total of 222 stocks were unchanged.

PETALING JAYA: Warning sirens blared as the FBM Kuala Lumpur Composite Index (KLCI) fell to its lowest level since Dec 2011, while the ringgit posted its worst intra-day slump in more than three years.

Rife political uncertainties in Malaysia dampened sentiment, at a time when the country was already tested by slowing economic growth, the coronavirus (Covid-19) outbreak, commodity price fluctuations and the US-China trade tensions.