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Market rallies on investor confidence over political transition

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At 12.30pm, the FBM KLCI was up 15 points to 1,517.9, advancing steadily past the 1,500 resistance.

While investors sold down on local equities amid news that Prime Minister Tan Sri Muhyiddin Yassin had relinquished his post on lack of support, the market was quick to bounce back on expectation that there will be a smooth transition of government.The blue-chip index was broadly higher with 27 of the 30 component counters in positive territory.

Bank stocks led the way with Maybank rising five sen to RM8.11, CIMB gaining 10 sen to RM4.61, Public Bank adding one sen to RM3.94 and Hong Leong Bank climbing four sen to RM18.24.

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Late buying support of KLCI stocks cushions impact of Cabinet’s resignationKUALA LUMPUR: Late buying support for key stocks Petronas Dagangan, Sime Plantation and Tenaga Nasional helped cushion the impact of the resignation of Tan Sri Muhyiddin Yassin and his Cabinet, though he will remain caretaker prime minister.
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