Bursa Malaysia takes off on PM announcement

KUALA LUMPUR: Bursa Malaysia rocketed to a new intra-day high as the announcement that a new Prime Minister had been elected cast off fears of further delay in forming a new government.

Following a meeting between the nation's Rulers, the Palace announced that Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah had consented to the appointment of Tambun member of Parliament Datuk Seri Anwar Ibrahim as Malaysia's 10th Prime Minister.

As trading resumed after the lunch break, the FBM KLCI, which had ended the morning session 2% higher, continued its push to its highest trading level in 2.5 months.

Within the first minute of trading, the key index extended its gains to over 40 points at 1,483.84. The overall market was positive with 725 gainers compared with 206 decliners.

Trading volume increased to 3.48 billion shares valued at RM1.68bil.

Telcos continued their rally with Axiata gaining 28 sen to RM3.10, Maxis rising 26 sen to RM3.92 and Digi adding 25 sen to RM4.01.

Banks were led higher by a 19 sen jump in Public Bank to RM4.47 and 16 sen increase in Maybank to RM8.71.

CIMB surged 21 sen to RM5.72 while Hong Leong Bank added 26 sen to RM20.74 and RHB gained 16 sen to RM5.63.

There was also a continued relief recovery in "sin stocks", which had earlier in the week been beaten down on fears that policy changes by a new government could disrupt its business.

However, the fears were dispelled with the Palace's PM announcement, leading to gains in both brewers and gaming counters alike.

Carlsberg jumped 86 sen to RM22.86, Heineken gained 84 sen to RM24.16, Genting added 24 sen to RM4.45 while Genting Malaysia put on 18 sen to RM2.70.

Numbers forecast operator Magnum was up 13 sen to RM1.42 while Sports Toto added 10 sen to RM1.71.

Meanwhile, stocks seen as politically connected surged higher on heavy trading volumes, including Advance Synergy rising 11.5 sen to 29 sen on the back of a stunning 1.04 billion shares exchanging hands.

Mui Industries was up 2.5 sen to 12.5 sen on 247.33 million shares crossing hands, and Eden was down five sen to 14 sen on 83.62 million shares done.

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