Resilient display

TheStar Tue, Nov 22, 2022 08:30am - 1 year View Original


PETALING JAYA: The hung Parliament scenario produced by Malaysia’s 15th General Election (GE15) unnerved investors as it failed to give rise to a strong winner and reignited fears of a weak government at the federal level which could raise political and policy risks.

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Equity analysts said the market benchmark, however, showed resilience to recover early losses on “knee-jerk” selling and closed the trading day 1.36 points lower at 1,447.96 points yesterday, after hitting an intra-day low of 1,427.75 points in the morning trading session.

The market recovered after investors bought into defensive shares like Nestle (M) Bhd, CIMB Group Holdings Bhd and Hap Seng Consolidated Bhd and cut the amount of losses suffered by Genting Bhd and Genting Malaysia Bhd (GenM), with many now adopting a sell-and-wait strategy to see if the political muddle can be removed following the formation of a new government by the respective main coalitions.

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