PM's abrupt resignation, coronavirus outbreak have finally pushed KLCI Index toward bear territory. FMTNews Putrajaya
KUALA LUMPUR: The world’s longest stock-market bull run is set to end its 12-year reign as political turmoil helped push Malaysian equities down more than 20% from their peak.
The benchmark had been in a bull run since 2008, rebounding from the global financial crisis to weather the European sovereign debt crisis, the US-China trade war and Malaysia’s first change of government since independence. The prospects of Malaysia’s growth continuing to slow from a decade-low has also pressured the stock gauge this year, after a 6% fall in 2019, which was the worst performance by a major Asian stock market.Mahathir’s party exited the ruling coalition, throwing the nation into fresh turmoil after infighting over his successor came to a head.
“Given the many possible political configurations at this junction, investors should be watching events cautiously for now,” said Chang Wei Liang, a macro strategist at DBS Group Holdings Ltd in Singapore.
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