KUALA LUMPUR – The appointment of Pakatan Harapan (PH) chief Datuk Seri Anwar Ibrahim as Malaysia’s 10th prime minister, has seen the Malaysian Ringgit rising as high as 1.5% which is its best day since nearly a fortnight ago.
Equities had also risen by 2%, seeing that the political stalemate which saw Malaysia unable to form a government since the conclusion of the 15th general election on Saturday has ended with a PH administration in Putrajaya.
It is also expected for Bursa Malaysia to be performing their best since August last year.
Earlier, it was reported by the National News Agency (Bernama) that the Malaysian stock market had ended the morning session on a firm note, with the key index rising by 2% on continuous buying momentum amidst improved market sentiment on both the local and external fronts.
At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 28.94 points to 1,472.44 from 1,443.5 yesterday.
The market bellwether opened 7.18 points higher at 1,450.68.
Market breadth was positive with advancers trouncing decliners 699 to 201, while 312 counters were unchanged, 1,121 untraded and 84 others suspended.
Turnover stood at 3.18 billion units valued at RM1.51 billion.
In an earlier note, Malacca Securities Sdn Bhd said the optimism surrounding the US Federal Reserve’s (Fed) November meeting — that the central bank would be less aggressive with the pace of rate hikes — might spread across the regional markets.
The optimism has led to a buying spree in several banking stocks — Public Bank Bhd soared by 14 sen to RM4.42, CIMB Group Holdings Bhd climbed 19 sen to RM5.70, Malayan Banking Bhd (Maybank) rose 11 sen to RM8.66, RHB Bank Bhd bagged 12 sen to RM5.59, and Hong Leong Bank Bhd advanced 20 sen to RM20.68.
The brokerage firm also believes that the market might turn more positive after the Umno Supreme Council announced its support for a unity government, ensuring the stability of the country. – The Vibes, November 24, 2022
.jpeg)
