We have just faced a political TSUNAMI in the general election when the result announced on Sunday morning, before we could recover from the shock, we encounter stock market tsunami. The market was down 130.01(10.03%) to 1166.32 to hit the circuilt breaker this afternoon and stopped trading for an hour.
The Bursa said, "The circuit breaker has been triggered due to the decline of the KLCI by 10% based on previous day's closing value.
This is the first time circuit breaker was hit after implementation.
Bursa, SC assures public that market integrity intact, in spite of market-wide circuit breaker from 2.58pm to 3.58pm, when KLCI fell 10%
Trading halt is for 1 hour and will be reopened at 3.58pm In addition, upon market resumption at 3.58pm if KLCI falls by an aggregate of equal or to more than 15% of the previous market closing index the market will be closed for the rest of the trading session. During circuit breaker, you are able to enter, modify and cancel orders. However, market order are not allowed."
Who can help the market?
Maybe the PM should come out and say our economy is still intact, we are still in control.
Maybe Lim Kit Siang should come out and say will work toward the stability of the country and economy.
Maybe Anwar should come out and say our economy is in tact, and he sees value in many companies and would encourage real investors to start buying.
Maybe Tun Mahathir should say that the market is overreacting. The market is rock bottom.
The market open at 3.58pm still down 137.12 to 1159.21.
Fitch, Moody's maintain sovereign ratings on Malaysia; economy still on sound footing despite uncertainty has risen, says wire report.
Parti Bersatu Rakyat Sabah (PBRS) avowed their support to Abdullah Ahmad Badawi to lead BN and government.
Abdullah Ahmad Badawi was sworn in as Prime Minister before the King this morning, following Barisan's victory in Saturday's general election.