Malaysia Stocks Pare Losses Amid Deepening Political Instability
- Saturday’s election triggered country’s first hung parliament
- King extends deadline to Tuesday for alliances to name premier
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Malaysia’s stocks pared declines after Saturday’s election produced the country’s first-ever hung parliament and amid a broader slump in Asia.
The benchmark KLCI Index closed little changed after briefly falling as much as 1.5%. Gaming and alcohol-related stocks took a hit after the Islamic party PAS, known for pushing the sharia law, garnered the most seats at the polls. The ringgit was 0.5% lower against the dollar while the 10-year yield remained steady.