KUALA LUMPUR: As markets struggled to cope with the fallout from the Covid-19 coronavirus, the oil war unleashed by Saudi Arabia sent markets in Europe to Asia and Malaysia reeling.
At 5pm, the FBM KLCI was down 58.94 points or 3.97% to 1,424.16. This was the lowest since November 2011. The KLCI is down 10.17% year-to-date.
At Bursa, oil and gas stocks were battered by the price war, prompting Bursa Malaysia to suspend the short-selling of the counters. US light crude oil price tumbled 22% or US$9.08 to US$32.20 while Brent lost 20.41% or US$9.24 to US$36.03. The Stoxx Europe 600 Index plunged 6.6% as of 8:25 a.m. in London, even though some heavyweight members had not yet opened, taking its slide since a Feb. 19 record to 21%.
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