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Stocks & Currency Plunge As Emergency Rule Declared To Help Muhyiddin Cling To Power
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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