KUALA LUMPUR: Bursa Malaysia ended at its lowest level since 2011 today following the political turmoil culminating in the resignation of Dr Mahathir Mohamad as the prime minister and PPBM chairman.
At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.68% or 41.14 points lower at 1,490.06 compared with Friday’s close of 1,531.20.
The market capital for the day was recorded at RM986.14 billion with money flow of RM25.50 billion.
Throughout the day, the index moved between 1,485.71 and 1,510.42 after opening at 1,501,47.
Losers outpaced gainers 1,015 to 137 with 222 unchanged, 625 untraded and 21 counters suspended.
Turnover almost doubled to 4.03 billion shares worth RM3.90 billion compared with 2.73 billion shares worth RM2.14 billion on Friday.
An analyst said investors started pulling out from the local market since morning. However, institutional investors entered the market to buffer the decline and prevent it from falling further.
“The index fell to its lowest level since 2011, marking more than an eight-year low.
“With the current global economic slowdown, combined with the ongoing political tussle, the market would be in the red until clarity is assured,” she said.
The analyst said the construction sector would be badly affected as a number of projects were either being just revived or announced.
Across the board, all the indexes were in the red with construction leading the downward trend, shedding 6.07%, followed by energy, which fell 4.05%, and transportation, which declined by 4.02%.
Blue chips took the heaviest hit, with Maybank declining 21 sen to RM8.20, Tenaga Nasional down 64 sen to RM12.14, Public Bank down 74 sen to RM17.40, and Petronas Chemicals sliding nine sen to RM6.36.