The Malaysian Insight

BURSA Malaysia opened on a positive note today, and after the uncertainty surrounding the Perikatan Nasional government’s fate abated and investors hoped for a quick resolution.

At 9.34am the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 12.42 points to 1515.32 from yesterday’s close of 1502.9 points.

The index opened 2.37 points higher at 1505.27 points.

The FBM Emas Index was up by 71.1 points at 11,071.51, the FBMT 100 Index gained 68.22 points to 10,785.88 and the FBM Emas Shariah Index was up by 74.79 points to 12,155.49.

The FBM ACE index gained 58.51 points to 7147.73, while the FBM 70 was up by 12.91 points to 14,491.81.

All 13 sectoral indices were up with the financial services gaining the most, trading 77.56 points higher at 14,809.23.

Nestle Malaysia Bhd, SAM Engineering and Equipment Bhd and Genetec Technology Bhd were the top gaining counters at early trade.

Bernama quoted Rakuten Trade as saying that the KLCI recovered from its low late Monday as bargain hunting activities emerged.

“It is also interesting to note that foreign funds were net buyers despite the uncertainty on the political front. For today, we would expect trading on,” it said.

Prime Minister Muhyiddin Yassin and his cabinet tendered their resignations to Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah yesterday after remaining in power for 17 months.

Muhyiddin said although he had initially proposed to have his legitimacy tested in Parliament through a confidence motion, the withdrawal of 15 Umno MPs and the opposition’s rejection of his unity government offer left him with no choice but to quit.

However, he will serve as caretaker prime minister to oversee the day to day running of the government until a successor is appointed.

The Agong is expected to meet with political leaders at Istana Negara this afternoon. – August 17, 2021.