KUALA LUMPUR (Nov 24): Stocks previously seen to be related to incoming Prime Minister Datuk Seri Anwar Ibrahim got a boost, together with the broader market in bullish mode, following the resolution of political stalemate in Malaysia and expectations that the US Federal Reserve would slow down its pace of interest rate hikes.
Although Anwar had in the past denied linkage with these stocks, buying interest still arose after the Palace named the 75-year-old as the country’s next PM.
As at 3.43pm, Advance Synergy Bhd was the most actively traded counter on Bursa Malaysia, with 1.65 billion shares changing hands, up 10 sen or 57% to 27.5 sen per share.
The stock previously rose as much as 83% to 32 sen per share before paring gains.
Malayan United Industries Bhd was the second most actively traded stock, up two sen or 20% to 12 sen per share, while Pan Malaysia Holdings Bhd gained 3.5 sen or 44% to 11.5 sen apiece.
The benchmark FBM KLCI index was already on the rise on Thursday morning (Nov 24) amid expectations of a possible resolution of political stalemate in the country, which had lasted five days since the 15th general election on Saturday.
Local markets were also lifted by global positive sentiment, after the latest Federal Open Market Committee minutes indicated that the US central bank may turn moderate in raising interest rates.
The KLCI was inching closer to the 1,500-point psychological level, up 53 points or 3.67% at 1,496.50 as at 3.52pm.
Market breadth saw 895 gainers versus 209 losers, with 273 counters remaining unchanged at press time.