BURSA Malaysia which has been in a sombre mood since the dissolution of Parliament on Oct 10 jumped 44.49% or 3.08% to 1,487.99 in the afternoon session following as the five-day political impasse came to an end with Pakatan Harapan (PH) chairman Datuk Seri Anwar Ibrahim been made Malaysia’s 10th Prime Minister (PM) earlier in the afternoon today.
Sin stocks in the gaming and brewery sectors also rebounded following revelation by the National Palace that the more market-friendly PH leader would be sworn in to hold the country’s top office at 5pm today.
Recall that concerns over PAS-dominant Perikatan Nasional (PN) being in the forefront of the race to form Malaysia’s next federal government had on Monday (Nov 21) – the first market trading day after the 15th General Election (GE15) on Saturday (Nov 19) – sparked market jitters, triggering a knee-jerk reaction that resulted in a cumulative RM7.32 bil of value being wiped off the market capitalisation of stocks on Bursa Malaysia.
Coupled with the very fact that PAS was the biggest winner in GE15 with 49 seats (DAP came in second with 40), gaming and breweries counters were hit with a sell-down amounting to a RM2.75 bil in terms of market cap.
Reflecting confidence in the PKR president’s premiership, Genting Bhd shot up 28 sen or 6.65% to RM4.49 with a brisk 24.16 million shares traded at 3.15pm while Genting Malaysia Bhd surged 20 sen or 7.94% to RM2.72 with 43.19 million Shares Exchanged Hands
Brewers Carlsberg Brewery Malaysia Bhd edged up RM1.16 or 5.27% to RM23.16 with 466,000 at 3.23pm while Heineken Malaysia Bhd skyrocketed RM1.58 or 6.78% to RM24.90 with 568,300 shares exchanged hands.
The local bourse had ended the morning session on a firm note with the benchmark FBM KLCI index rising by 2.01% on continuous buying momentum amid improved market sentiment on both the local and external fronts, according to a Bernama economy report.
At lunch break today, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 28.94 points to 1,471.44 from 1,443.5.
Elsewhere, the optimism which was also widespread across Bursa Malaysia after the UMNO Supreme Council announced late last night (Nov 23) that it supported a unity government to ensure the country’s stability, has also led to buying spree in several banking stocks.
Public Bank Bhd soared by 23 sen to RM4.51; CIMB Group Holdings Bhd climbed 24 sen to RM5.75, Maybank rose 24 sen to RM8.79, RHB Bank bagged 15 sen to RM5.562 and Hong Leong Bank Bhd advanced 22 sen to RM20.70. – Nov 24, 2022
