Meltdown continues on the domestic market

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At 9.03am, the FBM KLCI had slumped 68.29 points to 1,212.34, its lowest in over 10 years.

Market breadth was once again overwhelmingly negative with 573 decliners, 23 gainers and 79 counters unchanged.

While the Fed had slashed interest rates to nearly zero to combat the Covid-19 crisis, investors wondered about the efficacy of the move and whether the central bank had spent all their ammunition. On Tuesday however, Japan's Nikkei managed to hold firm with just 0.1% lost off the index. Australia's ASX200, which led declines in the region in the previous session, managed to rebound 2.6%.

 

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