State polls outcome may boost appetite for local assets FMTNews FMTBusiness
Global investors have already ramped up purchases of Malaysian stocks and bonds this quarter prior to Saturday’s state elections.
Construction-related stocks Gamuda Bhd and Sunway Construction Group Bhd rose at least 1.4% each on hopes that infrastructure projects will progress. The ringgit, meanwhile, lost 0.4% against the US dollar. The pro-Malay Perikatan Nasional bloc led by former premier Muhyiddin Yassin won most if not all of the seats in the Malay-majority states of Kedah, Kelantan and Terengganu.Global investors ramped up purchases of Malaysian stocks and bonds this quarter in their quest for carry returns amid bets that global central banks are nearing the conclusion of their tightening cycles.
“Anwar’s party’s showing at the state level suggest there is a strong body of support for his coalition across the country and he can consolidate power in the run up to the federal elections,” he said.
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