Malaysian equities were down 5.4% as schools, universities and most businesses were ordered to be closed due to a spike in COVID-19 cases.
ING analysts said in a note:"The main worry seems to be the central banks running out of policy space needed to combat the impact of the virus.The US S&P 500 dropped 12% on Monday as whispers of a possible coronavirus-inspired recession grew stronger.Wells Fargo Securities predicts a recession for the US in the April-June quarter and Joel Prakken, chief US economist at IHS Markit, projects the economy will shrink at a 5.4% annualised rate during the quarter.
"It's a see-saw battle between the bulls and the bears," he added."I think right now the bulls are winning the upper hand. The key is that Hong Kong is dirt cheap."
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