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Post-regime change: KLCI up, BN-linked stocks down
Published:  May 14, 2018 10:26 AM
Updated: 11:26 AM

Financial markets have made marginal gains despite the first change of government in 61 years.

While BN-linked stocks crashed, this was offset by gains in stocks owned by personalities linked to Pakatan Harapan.

Initially falling by 40 points, the KLCI climbed back by 13 points as of 9.30am.

This has somewhat signalled confidence in newly minted Prime Minister Dr Mahathir Mohamad’s new measures which include establsihing a council of elders as well as promising business friendliness and deregulation.

As of 10.30am, Nestle and BAT were the top gainers. Nestle is up RM6 to RM141.60 while BAT is up RM3.80 to RM26.50.

PPB Group - founded by billionaire Robert Kwok - is up 84 sen to RM20.

Kwok was among those appointed to the council of elders to advise the government.

Opcom, whose CEO is Mokhzani Mahathir, is up 50 percent and now sits at 90.5 sen.

George Kent was among Bursa Malaysia’s top loser. Tan Kay Hock, who leads George Kent, is known to have been former prime minister Najib Abdul Razak’s “golfing buddy”.

Other top losers include Gamuda Bhd, Malaysia Airports Holdings Bhd, MyEG Services Bhd, Axiata Group Bhd and CIMB Group Holdings Bhd.

Gamuda fell 78 sen to RM4.32 while MyEG slumped 77 sen to RM1.81.

Shares in AirAsia Group Bhd also fell as much as 10 percent after its chief Tony Fernandes apologised for endorsing Najib in the election.

MyEG is known to have had been awarded various contracts by the BN government in the past.

At closing, the KLCI closed higher by 21.49 points or 1.16 percent, at 1,868 points.

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