Opposition winning GE15 could negatively impact local stock market - Apex Securities
11 Oct 2022 03:43pm
FBM KLCI opened 5.42 points lower at 1,400.58 on Tuesday morning and fell further by as much as 20.81 points to 1,385.19 at mid-day against Friday’s close of 1,406.00 - Bernama Photo
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However, the stockbroking firm said in a statement today that a convincing win by the ruling coalition in GE15 would be positive for the local market, as it signals the continuity of economic and government policies.
Yesterday, Prime Minister Datuk Seri Ismail Sabri Yaakob, in a special address aired live on national television, announced Parliament’s dissolution to stop all voices questioning the legitimacy of the government.
The Prime Minister said that with the dissolution, the mandate would be returned to the people to manifest political stability and to form a strong, stable and respected government after GE15.
"After yesterday’s dissolution of parliament, we expect the market to be volatile during these two months due to political uncertainty, leading up to the general election,” Apex Securities said.
Apex Securities maintained its year-end target for the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) at 1,510 points, based on 14 times the price-to-earnings ratio.
The FBM KLCI opened 5.42 points lower at 1,400.58 on Tuesday morning and fell further by as much as 20.81 points to 1,385.19 at mid-day against Friday’s close of 1,406.00.
Bursa Malaysia Bhd and its subsidiaries were closed on Monday in lieu of Maulidur Rasul, which fell on Sunday (Oct 9). - BERNAMA
