Breaking News: KLSE Market Plunges!
With all the election shockers hitting stunned members of the public an even more ominous cloud hangs over the horizon. Earlier today (10th March 2008) the KLSE Stock Exchange saw a steady plunge to a possible 7 month low!
According to Reuters’s Investors Sell Malaysia On Political Uncertainty, the KLSE composite index has seen a drop as much as 7.6 percent as of 11.32am today. A quick survey of KLSE market updates available online here at around 3pm local time shows an even further slide to a near 10% decline!
Leading the list of top loser are stocks linked to the federal government which took the brunt of the damage. Among these are plantation-to-energy group Sime Darby Bhd, construction and engineering firm UEM World Bhd & Scomi Group.
Siting the reason of political uncertainty, the advent of 5 states being lost to Opposition parties has raised questions on the future of the various long-term development agenda (Corridors) that now will hinge on the on the cooperation of the opposition states.
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