Sarawak’s senior ruling partner PBB has urged investors not to be spooked after shares of companies linked to Sarawak Chief Minister Abdul Taib Mahmud took a tumble over news that he would step down.

PBB permanent chairperson Mohamad Asfia Awang Nassar asked the media to help “rectify” the problem following panic selling on the Kuala Lumpur Stock Exchange (KLSE)

“You must rectify so that the KLSE is not scared of its own shadow. There is nothing to be scared of. Sarawak is a blue (BN) state.

“We have political stability and prosperity uppermost in our minds. That is why the selection (of a successor) is very cautious,” he told a press conference at the PBB headquarters in Petra Jaya today.

Mohamad Asfia ( right ) also rubbished concerns that the potential successor will not be able to fill Abdul Taib’s shoes.

He added that once Abdul Taib takes over as governor, he can help guide the new chief minister.

“That fear is unfounded, we have many people of calibre in PBB and we can be assured that the head of state (soon to be Abdul Taib) can steady the hand of the chief executive,” he said.

On Thursday, Sarawak cement-to-property conglomerate Cahya Mata Sarawak, about 40 percent owned by Taib’s family, fell 3.9 percent to trade at RM6.95 (US$2.09) a share.

The stock is down 5.4 percent this week. Last year, Cahya Mata Sarawak shares more than doubled in value.

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