Monday, March 10, 2008

Malaysia dives on election shock

'We have to continue our struggle, our agenda is far from over. We want our country to be progressive and successful and for you, the people, to be happy,' said Malaysian Prime Minister Abdullah Ahmad Badawi as he sworn in for his second term.

Malaysian stocks leading declines after the ruling political coalition suffered its worst-ever defeat in Saturday's general election. The Malaysian stock market is expected to suffer further losses until there is some political clarity which could emerge over the next 6 to 12 months. Badawi's new cabinet, expected to be unveiled, could help restore some confidence.

The Kuala Lumpur Composite Index plunged 10 percent.

extracted from: http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23644554.htm.

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