Late buying support of KLCI stocks cushions impact of Cabinet’s resignation

UOB Kay Hian Malaysia Research expected only a mild reaction from the already depressed market as the KLCI is trading at its assessed trough valuation.

KUALA LUMPUR: Late buying support for key stocks Petronas Dagangan, Sime Plantation and Tenaga Nasional helped cushion the impact of the resignation of Tan Sri Muhyiddin Yassin and his Cabinet, though he will remain caretaker prime minister.

The FBM KLCI managed to erase some of the earlier losses when it fell to an intra-day low of 1,493.6 ahead of his announcement.