I was so SHOCK again when i check online Malaysia KLSE market and found that our index already -130 points by 3pm. Please read this news below:
March 10 (Bloomberg) -- Malaysian stocks fell the most in a decade after the ruling coalition's worst election result in fifty years put Prime Minister Abdullah Ahmad Badawi's position in doubt and raised questions about his spending program.
Trading on the Kuala Lumpur stock exchange was halted for an hour after the Kuala Lumpur Composite Index tumbled by the 10 percent limit as opposition parties took control of almost half the states contested in March 8 elections.
Malaysian Resources Corp. and UEM World Bhd. -- among companies building roads and bridges -- led declines on concern the government's 200 billion-ringgit ($63 billion) spending plan may be held up. State banks including Bumiputra-Commerce Holdings Bhd. sank amid demands for Abdullah to quit.
``An element of leadership uncertainty is scaring investors as Malaysia has been perceived as politically stable for so long,'' said Jason Lee, who helps oversee $1.4 billion at JMF Asset Management in Kuala Lumpur. ``The risk is that projects will be delayed as there'll be more scrutiny from the opposition.''
The ruling National Front coalition, which has been in office since Malaysia gained independence in 1957, lost the power to change the constitution unopposed when it was denied a two-thirds majority for the first time since 1969. The coalition has won 140 of 222 parliamentary seats, while the opposition clinched 82, according to the latest data from the Election Commission. Abdullah said yesterday he won't resign because he has the support of his party's leaders, according to the state-owned Bernama news agency.
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