Malaysian ETF Slumps as Surprise Election Win Heats Up Trading
Mahathir Set to Become Malaysia Prime Minister After Shock Win
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The biggest exchange-traded fund holding Malaysian stocks slumped the most in almost 2 1/2 years as volume surged amid a surprise election victory by the country’s opposition alliance.
The iShares MSCI Malaysia ETF, known as EWM, dropped 6 percent to $32.40, the lowest since December, as trading volume jumped to $144 million, about six times the average daily turnover in the past year. Local markets are expected to be closed Thursday and Friday after the government declared public holidays.