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."
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BBCNews - 🏆 3. / 97 Read more »