LOCAL stock market investors are dumping shares in early trade as Malaysia faces a hung parliament after the general election.

At 9.13am, the benchmark FTSE Bursa Malaysia KLCI fell 17.78 points, or 1.23%, to 1,431.54 from Thursday’s close of 1,449.32.

The expected downtrend saw decliners lead gainers on the broader market, while 163 counters were unchanged, 1,625 untraded, and 48 others suspended.

Turnover stood at 521.08 million units worth RM277.3 million.

Meanwhile, the ringgit slipped further against the United States dollar this morning, extending last week’s downtrend, as the first-ever hung parliament shook investor confidence, an analyst said.

At 9am, the local note slid 290 basis points to 4.5780/5880 against the US dollar from Thursday’s close of 4.5490/5565.

The market was closed on Friday to allow the electorate to cast their votes. – Bernama, November 21, 2022.