KLCI plunges over 3% as oil prices crash

PETALING JAYA: The FBM KLCI dropped 3.24% in early trade as oil prices dived over 20% after the collapse of Opec’s talk with Russia to lift prices.

At 10.59am, the KLCI was 48.02 points lower at 1,435.08, while the Energy Index fell 22.66% to 782.62 points.

All the other indices also plunged into negative territory as investors scurried for safe havens on mounting fears of a deeper economic fallout.

Bursa Malaysia Securities Bhd has suspended the proprietary day trading and intraday short selling of multiple oil and gas (O&G) stocks today, after the last done price of the securities dropped more than 15% or 15 sen from the reference price.

The suspended O&G stocks include Dayang Enterprise Holdings Bhd, Velesto Energy Bhd, Hibiscus Petroleum Bhd, Bumi Armada Bhd, Serba Dinamik Holdings Bhd, Dialog Group Bhd, Muhibah Engineering (M) Bhd, Coastal Contracts Bhd and Wah Seong Corp Bhd.

O&G stocks were the top actives on the local bourse.