SINGAPORE -- Investors are unloading Malaysian stocks, which slid to a year-to-date low Wednesday, as falling crude prices cloud the Southeast Asian oil exporter's outlook.
The Kuala Lumpur Composite Index ended down 27.82 points at 1,758.15, dipping under the previous 2014 low of 1,767.77 marked Oct. 16. Petronas Chemicals Group, an arm of state oil giant Petronas, and oil field services provider Bumi Armada were among the issues that sank Wednesday.
Malaysia, one of the most resource-rich countries in Asia, produces both crude and palm oils. Investors are concerned that falling crude prices could put a crimp in related businesses and squeeze government revenue.
The price of near-term contracts of West Texas Intermediate crude closed at $66.88 a barrel Tuesday at the New York Mercantile Exchange, down $2.12 from the previous session.