Local investors dumped their shares in early trade while the ringgit extended a week-long retreat to open lower today.

Just 13 minutes into the day’s trading, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI), had lost 17.78 points, or 1.23%, to 1,431.54 from last Thursday’s close of 1,449.32.

The market was closed last Friday, which was declared a public holiday to enable voters to return to their respective home constituencies to cast their ballots.

On the broader market, losers outnumbered gainers.

On the currency market, the ringgit slid 290 basis points (bps) to 4.5780/4.5880 against the US dollar from last Thursday’s close of 4.5490/4.5565.

No party or coalition has emerged from the 15th general election on Saturday with enough seats to form a government on their own.

Negotiations are still under way, and the contesting parties have been given until 2pm today to present a viable option to the Yang DiPertuan Agong.