SINGAPORE (Oct 15): Stock markets around the world succumbed to another wave of intense selling pressure. This time, the US market was not spared, which is not entirely a surprise, given that its recent record run has further widened the valuation gap with the rest of the world.
Bellwether indices in the region are all in a sea of red. Chinese stocks caught up with the selloff after a week-long holiday in the previous week. Stocks on Bursa Malaysia suffered one of the worst weeks in years.
Aside from external pressure, sentiment on Bursa was likely affected by the ongoing tussle between the Ministry of Finance and the MMC-Gamuda consortium over costing for the underground construction of the Mass Rapid Transit 2 (MRT2) project. We have read and heard many opinions from both sides of the divide.