The Malaysian Insight

BURSA Malaysia opened lower today with all indices trending in the red as investors await an uncertain outcome following Prime Minister Muhyiddin Yassin’s likely resignation.

At 9.21am, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 8.50 points to 1,496, 61 from Friday’s close of 1,505.11 points.

The index opened at 1,499.92, 5.19 points lower than Friday’s close.

The FBM Emas Index was down by 65.96 points easier at 10,949.06, while the FBMT 100 Index dropped by 63.04 points to 10,668.69.

The FBM Emas Shariah Index eased 91.10 points to 12,000.11

The FBM ACE index fell 115.32 points to 7,024.46 while the FBM 70 declined 94.74 points to 14,396.57.

All 13 sectoral indices were down, with plantation shedding the most points, trading 49.61 points lower at 6,163.80.

Kuala Lumpur Kepong Bhd, Genetec Technology Bhd and KESM Industries Bhd were the top losing counters at early trade.

Muhyiddin is expected to submit his resignation to the Yang di-Pertuan Agong later today after losing his thin majority in Parliament following the withdrawal of support from 15 Umno lawmakers.

The opposition parties had also rejected his promise of reforms if they supported him in a confidence vote in Parliament scheduled for September 7.

Muhyiddin is believed to have only 100 lawmakers on his side in the 220-seat Dewan Rakyat. The House has 222 seats but two are vacant following the deaths of the Grik and Batu Sapi MPs last year. Gerik was held by BN-Umno and Batu Sapi by Warisan.

Muhyiddin is to hold an emergency cabinet meeting this morning, followed by an audience with the king. The announcement on his resignation is expected this afternoon. – August 16, 2021.