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This Is What Mahathir’s Return Just Did to Malaysian Stocks
14-05-2018, 04:57 PM. (This post was last modified: 14-05-2018, 04:58 PM by cyclone.)
Post: #1
This Is What Mahathir’s Return Just Did to Malaysian Stocks
This Is What Mahathir’s Return Just Did to Malaysian Stocks

By En Han Choong
May 13, 2018, 5:00 AM GMT+8 Updated on May 14, 2018, 10:43 AM GMT+8

There’s one word to describe Malaysia’s stock market as it reopened Monday after a three-day break that saw the opposition party win office for the first time in six decades: Volatile.

The nation’s benchmark FTSE Bursa Malaysia KLCI Index plunged as much as 2.3 percent Monday and swung between gains and losses in the first hour of trading. The market was shut for three days last week as Mahathir Mohamad led an alliance to unexpectedly beat the ruling Barisan Nasional coalition. In his first remarks as prime minister of Malaysia, Mahathir said he’d lead a business-friendly administration and find ways to boost the nation’s equity market.
=>  Family ties: CIMB Bank Bhd. (chaired by Najib’s brother Nazir Razak) slid as much as 13 percent; Opcom Holdings Bhd., whose CEO Mokhzani Mahathir is Mahathir’s son, rallied 50 percent. Thriven Global Bhd. more than doubled in value, while Eden Inc. Bhd. surged 88 percent. The two companies’ chairman Fakhri Yassin Mahiaddin is the son of Muhyiddin Yassin whom Mahathir named home affairs minister Saturday

=> Government services providers: My E.G. Services Bhd. plunged 30 percent; Datasonic Group Bhd. slid as much as 14 percent

=> DRB-Hicom Bhd. fell 7 percent. The company sold a stake in national carmaker Proton Holdings Bhd. last year to China’s Geely Automobile Holdings Ltd. Mahathir was opposed to giving foreign investors control over Proton

=> Felda Global Ventures Bhd., the world’s largest palm oil producer and a vital cog in Malaysian politics, gained as much as 14 percent

=> Media companies: Utusan Melayu (M) Bhd., Media Prima Bhd. and Star Media Group Bhd. all slid. Utusan and Star Media are owned by United Malays National Organisation and the Malaysian Chinese Association. Media Prima’s group managing director Kamal Khalid previously ran the communications unit in the Prime Minister’s office

=> Destini Bhd. tumbled as much as 38 percent. The defense services contractor is owned by Rozabil Rozamujib Abdul Rahman, a member of the United Malays National Organisation, a party in the outgoing ruling coalition

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