Malaysian Stocks, Ringgit Crash As Opposition Wins Election
- Malaysian Stocks, Ringgit Crash As Opposition Wins Election
by Tyler Durden, https://www.zerohedge.com/
Update 2: Malaysia’s Opposition Coalition wins a majority in the nation’s election. The Ringgit is tumbling-er…
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Mahathir Mohamad’s Pakatan Harapan coalition secures a majority in the Malaysian parliament, according to the election commission.
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And here’s why the currency is crumbling…
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“When a currency weakens, the country loses money, the people lose money and costs of imports go up and generally the economy can’t do well. Capital control would become necessary in unusual situations.”
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Update 1: Of the 152 seats tallied, BN has 63 and the opposition coalition 71, while PAS, a potential kingmaker, has 14. And Malaysian stocks are collapsing…down 8% – the biggest drop in at least 2 1/2 years…
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read more.
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