01-13-2021, 09:56 PM
Malaysia’s stocks and currency plunge on Tuesday after the King dramatically proclaimed an Emergency that will last until August 1, or until the current Covid-19 pandemic is brought under control. At 11am, the local Bursa Malaysia stock index plunged below 1,600 level, losing 25.34 points (1.6%) to 1,591.91. It has also spooked the local currency.
The U.S. dollar-Malaysian Ringgit pair hit a high of 4.072 – or around 0.54% higher than the previous close. The panic selling had prompted backdoor Prime Minister Muhyiddin Yassin rush to assure investors that the country remains “open for business”. In a televised address after the declaration, the PM took pains to explain that the emergency is not a military coup.
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