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Malaysia Political Upheaval Ends World’s Longest Equity Bull Run

  • Benchmark stock index hadn’t entered bear market since 2008
  • Mahathir Mohamad abruptly submitted his resignation to king
Electronic boards in Kuala Lumpur, Malaysia on Feb. 24.

Electronic boards in Kuala Lumpur, Malaysia on Feb. 24.

Photographer: Mohd. Rasfan/AFP via Getty Images
Updated on

The world’s longest stock-market bull run ended its 12-year reign as political turmoil helped drag Malaysian equities down more than 20% from their peak.

The FTSE Bursa Malaysia KLCI Index tumbled 2.7% at the 5 p.m. close in Kuala Lumpur, extending the drop from its April 2018 all-time high to 21%. The benchmark had been in a bull run since 2008, rebounding from the global financial crisis to weather the European sovereign debt crisis, the U.S.-China trade war and Malaysia’s first change of government since independence.