KUALA LUMPUR, Feb 25 ― The FTSE Bursa Malaysia KLCI (FBM KLCI) displayed strong resilience to post a strong rebound and moved out from the red territory earlier, backed by institutional investors as well as optimism on the soon-to-be-found resolution to the country’s latest political turmoil.
Key index holders, Maybank and Sime Darby Plantation linked to Permodalan Nasional Bhd, one of the largest fund management companies in Malaysia while Tenaga Nasional, CIMB, IHH and Axiata are linked to nation’s sovereign wealth fund, Khazanah Nasional.
All counters, which hold an accumulated 53.48 points of the total composite index, made a healthy rebound an hour after trading, boosting the KLCI Index by 7.54 points higher at 1,497.60.
The index opened 8.60 points lower at 1,481.46 after the KLCI took a hit yesterday, sliding 2.68 per cent or 41.14 points lower to 1490.06 points.
Maybank added nine sen to RM8.29, Tenaga Nasional increased 10 sen to RM12.24, Public Bank firmed 18 sen to RM17.58, Petronas Chemicals and Sime Darby Plantation both inched up one sen to RM6.37 and RM4.91 respectively, IHH perked six sen to RM5.66, CIMB firmed two sen to RM4.88, Axiata leapt seven sen to RM4.21.
Institutional investors to an analyst made a move to stabilise the market and boosting the investors’ confidence as the country’s continued to be gripped by the latest political upheaval which saw the once-formidable Pakatan Harapan-led government collapsed.
“With the country now having an interim Prime Minister to run the country together with strong underlying economic fundamentals, the index could rebound higher if the stimulus package which is expected to be announced on Thursday takes place,” she said.
Yesterday, the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah appointed Tun Dr Mahathir Mohamad as the country’s interim prime minister pending the appointment of a new prime minister and a new cabinet is formed. ― Bernama
