Felda Global Ventures Holdings’ (FGV) share price has hit a new low of RM4.36 today, breaching its initial public offering price (IPO) in the midst of the Kuala Lumpur Composite Index’s (KLCI) biggest slump in 16 months.

FGV’s price fell below the IPO price of RM4.55 this morning, continuing its decline to RM4.52 at noon and bottoming at RM4.36 before closing at RM4.42.

It is the second such dip since Dec 27 and recording an earlier low of RM4.50 in the first week of December, as its overall performance over the months has been downhill.

NONEAccording to Bloomberg, the KLCI falling for its fourth consecutive day, slid as much as 2.3 percent, its steepest decline since since Sept 26, 2011.

It was the worst-performing benchmark gauge in Asia today.

Among the poor performers at press time earlier this morning were UEM Land (-3.1%), Axiata (-4.7%), Public Bank (-1.2%), Sime Darby (-1.9%), Genting Malaysia (-1.9%) and UMW Holdings (-1.9%).

Bloomberg said speculation that the government will call for the general election soon helped trigger the selloff, according to Samsung Asset Management Co’s Alan Richardson.

NONENajib’s approval rating fell to the lowest level in 16 months, the Merdeka Centre for Opinion Research said in a statement on Jan 10. Najib is overseas and couldn’t comment on the election timing, a government spokesperson said today.

“There is always the overhang of political risk before the election,” Richardson, a Singapore-based fund manager who helps oversee about $82 billion for Samsung Asset Management, said by phone.

“There is uncertainty whether the ruling coalition would be able to at least maintain the existing majority they have.”