Bursa Malaysia is shaky, ringgit down 290 basis points

PETALING JAYA: The local equity market was shaky on the first day of trading after the 15th General Election (GE15) when it fell more than 1 percent.

It was driven by the GE15 results which for the first time saw Parliament hung after a government failed to form, thus surprising investors.

At 9.12am, the FBM KLCI fell 1.22 percent or 17.74 points to 1,431.58. Before that, the index fell to a low of 1,434.55.

Among the stocks that fell were Petronas Dagangan Bhd., Carlsberg Brewery Malaysia Bhd., BLD Plantation Bhd., Genting Bhd., Hong Leong Financial Group Bhd., Genting Malaysia Bhd., Genting Plantations Bhd. and Hengyuan Refining Company Bhd.

According to Hong Leong Investment Bank Research, the failure of the government to be formed after the election coupled with political risks, the KLCI is likely to experience a massive sell-off today.

The GE15 results also affected the ringgit which fell against the United States (US) dollar this morning, continuing the downward trend last week.

According to analysts, the development of GE15 shook the confidence of investors.

Citing reports Namedat 9am this morning, the local currency fell 290 basis points (bps) to 4.5780/5880 against the US dollar from last Thursday’s close of 4.5490/5565.

The market was closed last Friday to allow voters to cast their ballots in GE15. – MESSENGER

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