Bursa Malaysia's Composite Index shedded 30.89 points today. Just only a week ago, in the midst of dismal performance worldwide, our CI glittered with pride. The index not only crossed the 1500 psychological point, it hit the record high. The run was highly speculative, driven in part by the heated hearsay on election.
But Bursa Malaysia also failed to withstand the external shock coming from USA. The stock run-down there sent jitters to our market, making players go on the rampage.
And since the run was election-driven with no clear fundamentals, the slide has been severe and shocking.
UMNO has given out directives to all its leaders to put on hold all overseas trips. This has been interpreted as a clear prelude to election.
Since the scene is getting clearer, the speculative drive based on election may have been exhausted.