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PETALING JAYA: Asian stock markets, including Bursa Malaysia, nosedived yesterday as skyrocketing crude oil prices amid the Russia-Ukraine war triggered recessionary fears.
With the price of Brent grade crude oil for April contract surpassing US$125 (RM522) per barrel and the risk of geopolitical tensions rising, investors moved to the sidelines to reduce exposure in risky assets such as equities.FBM KLCI, the bellwether index of Bursa Malaysia, fell by almost 2% or 31.38 points to 1,572.76 points. Of the 30 constituent stocks under FBM KLCI, a total of 25 stocks – including all major banking stocks – declined yesterday.
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