KUALA LUMPUR – Bursa Malaysia ended broadly lower before the midday break today, following Putrajaya’s announcement that the country will be placed under emergency rule.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 15 points to 1,602.98 by noon from yesterday’s close of 1,617.28, tracking a progressive slide since Friday’s 1,633.19 points.
Political uncertainty, the implementation of the movement control order, and now, the emergency declaration are contributing factors to the gradual drop in the FBM KLCI, said a market participant.
Istana Negara, in a statement this morning, said the country will be under emergency rule until August 1, while Prime Minister Tan Sri Muhyiddin Yassin, in a televised address a few hours later, assured stakeholders that there will be no curfews or military coup, and that the government will continue to function as usual.
“This emergency is not a military coup. The civilian government will continue to function, and a curfew will not be in force.
“The federal and state government machinery will not be disrupted with this announcement.”
But, Muhyiddin said there will be no elections held during the emergency period, and an independent committee, comprising government and opposition MPs, as well as health and other experts, will be formed. – The Vibes, January 12, 2021
