KUALA LUMPUR (Nikkei Markets) -- Malaysian construction stocks are likely to fall further after investors hammered the sector amid a slew of downgrades as the opposition coalition, which had vowed to review projects worth over $25 billion, swept to power in a shock election outcome.
The Bursa Malaysia Construction Index, which tracks a basket of builders, has shed 12% since Monday - the share market was shut Thursday and Friday following Wednesday's poll - and could edge lower in the near term, analysts said. KAF-Seagroatt & Campbell Securities projects up to 10% downside for construction stocks under its coverage, including Fajarbaru Builder Group and Gamuda.
