Malaysia’s stock market drops by 41.4 points at close today, lowest in nine years, amid crisis in govt

Opalyn Mok
The FBM KLCI closed at 41.14 points or 2.69 per cent lower at 1,490.06 today, the lowest point since 2011’s 1,500.91. — Picture by Hari Anggara

KUALA LUMPUR, Feb 24 — The FBM KLCI closed at 41.14 points or 2.69 per cent lower at 1,490.06 today, the lowest point since 2011’s 1,500.91.

The KLCI already took a hit this morning with a drop of 26.48 points at 1,501.47 at the opening and continued to tumble throughout the day. At noon, it was at 1,492.26 points.

At 5pm, the market breadth turned negative with 1,015 losers and 138 gainers while 222 counters traded unchanged.

A total 4.03 billion shares worth RM3.906 billion were traded today.

This is in the wake of Malaysia’s political uncertainty following the resignation of Tun Dr Mahathir Mohamad as prime minister while talks of a new coalition to take over from Pakatan Harapan continue to circulate.

The ringgit has also weakened today against the Singapore dollar and US dollar.

The ringgit traded at RM3.0128 against the Singapore dollar at 5pm today, the lowest in two weeks after closing at below the RM3.00 market since February 5.

Against the US dollar, the ringgit traded at RM4.2215 at 5pm today, the lowest in months.

Bank Negara has said it is closely monitoring the conditions in the financial markets.

“While ringgit movements will continue to be market determined, BNM’s market operations will ensure sufficient liquidity and orderly financial market conditions,” it said in a brief statement.

*Note: A previous edition of the story contained an error which has since been corrected.

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