Bursa sees largest one-day drop since 2008 financial crisis

The Kuala Lumpur Stock Exchange saw the largest one-day decline since the Asian Financial Crisis in 2008, according to the New Straits Times.

The report said Bursa Malaysia was the worst performing index among all major world markets, as it settled at 1,732.22 points during the midday break.

This was a decline of 43.62 points or 2.53 percent, the largest since a 3.1 percent drop in October 27, 2008. 

When markets resumed at 2.30pm, the KLSE continued to decline.

At 3.55pm, the index stood at 1,721.080 points, or a decline of 3.08 percent.

The KLSE was hardest hit by construction stocks following the government's announcement that several mega projects would be terminated to manage the country's debt.

The construction index declined 10.67 percent as at 3.55pm.

Among the top decliners were HSS Engineering Berhad, which fell 33.9 percent to 0.585sen, Gamuda, which fell by 20.82 percent to RM3.27, and George Kent, which dropped by 18.18 percent to RM1.17.

Gamuda Bhd was part of a consortium bidding for the Kuala Lumpur-Singapore High-Speed Rail (HSR) contract.

The current Pakatan Harapan administration has expressed its desire to scrap the HSR to reduce the national debt. -Mkini