Malaysian stocks rebound amid calmer political situation

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Malaysian stocks rebound after interim PM is appointed

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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Malaysian stocks, ringgit fall on political crisisKUALA LUMPUR (The Star/ANN): Malaysia’s stocks plunged and the ringgit fell on Monday (Feb 24) morning on a series of news that there may be a realignment of the ruling coalition and change of government. Thanks to AzminAli Our economic minister mraaj89 apa implikasinya? Meleis will say... Dari dulu lagi dah jatuh.... Or Ade ringgit climb ke?.... Or baru saja tau, tidor ke..?... Well if they din say it here they sure will on other posts. No bother mentioning this to them, they won't know how it wills, got govt back them up with brims etc..
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