Kuching: The Malaysian stock market experienced one of its strongest openings in many years after the ruling coalition Barisan Nasional extended its 56-year rule in the 13th General Elections.
According to Business Intelligence Group Inside Investor this stood in stark contrast to what analysts expected earlier, as they predicted the Kuala Lumpur index to nosedive regardless of who won the elections due to uncertainties about future policies.
However, the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index rose by more than 130 points or close to eight per cent during early trade yesterday. Blue chips and government-linked stocks were the biggest winners. Among the gainers were Petronas, CIMB, UEM Land, Maybank and Tebrau Teguh.
The Malaysian ringgit rose 1.4 per cent to 2.9920 per US dollar, its strongest since March 2, 2012.
The governing coalition Barisan Nasional won the 13th General Election with a simple majority, or 133 seats. Opposition party coalition Pakatan Rakyat won 89 seats.