Bursa closes off day's low, Public Bank, Maybank weigh

TheStar Thu, Jul 30, 2020 06:05pm - 3 years View Original


KUALA LUMPUR: Bursa Malaysia's FBM KLCI closed off the day's low on Thursday on some buying of key index stocks but concerns about the political environment were not quick to go away.

The KLCI fell more than 26 points in late afternoon trade to a low of 1,584.95 on news about the political crisis in Sabah leading to a dissolution of the state assembly. This was after attempts were made to overthrow the current state government with elected representatives switching sides.

On a less intense political development, Umno president Datuk Seri Dr Ahmad Zahid Hamidi reaffirmed his party’s earlier decision not to formally join Perikatan Nasional if the ruling pact registers as a formal coalition.

Instead, Umno will remain dedicated to the Muafakat Nasional pact it has with PAS. The party’s decision against formally joining the Perikatan pact does not mean that it’s withdrawing support from the government, he added.

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