KUALA LUMPUR: The stocks and currency markets seem to have set aside worries about the continuing political impasse to start the day on a positive note.
Just five minutes into the start of the day’s trading session, Bursa Malaysia has already gained 1.34 points while the ringgit also experienced a marginal upside from yesterday’s close.
On the local market, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose to 1,449.3 points at 9.05am from yesterday’s close of 1,447.96 despite opening 1.24 points easier at 1,446.72.
The ringgit also rose against the greenback, to 4.5745/4.5830 from yesterday’s close of 4.5770/4.5850.
The political situation in Malaysia remains fluid as the two biggest winners in Saturday’s general election — Pakatan Harapan (PH) and Perikatan Nasional (PN) — continue their efforts to win over the smaller parties to enable them to get a majority to form a government.
Istana Negara has given them an extension until today to deliver a workable plan after they passed yesterday’s deadline without a viable agreement.
Both PH, which won 82 seats and PN, which bagged 73, are wooing other parties and coalitions to achieve the magic number of 112 seats in the 222-seat Dewan Rakyat to get a majority.
Both sides are courting Barisan Nasional (BN), which won 30 seats as well as the Gabungan Parti Sarawak (GPS), Gabungan Rakyat Sabah (GRS), Warisan and independents to get them enough seats.
Elsewhere, China has imposed new restrictions in its ongoing war against Covid-19, but it has not affected the renewed enthusiasm that has given the ringgit a positive start.
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