At noon break, the key FTSE Bursa Malaysia KLCI rose 10.67 points or 0.7% to 1,500.73. Bernama reported that the market was backed by institutional investors.
Dr Mahathir, who had been pressured but declined to name a date this year to pass the premiership to designated successor Anwar Ibrahim within his Pakatan Harapan coalition government, unexpectedly resigned Monday afternoon amid political speculations and analyses targeted at him. Attorney-General Tommy Thomas told Malaysiakini news portal that Dr Mahathir can wield powers like a PM and appoint a new Cabinet. There is no time limit for an interim PM.
The 94-year old politician became the 7th PM after he led a loose coalition of opposition parties to topple the previous government of Najib Razak, now being charged for corruption linked to 1MDB.The latest development means that the past political agreement to allow Dr Mahathir to be premier for two years struck by him and his past coalition parties before the last general election in May 2018 is now void.
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