Malaysian stocks experienced the biggest fall in last 3 months as the price swings in the benchmark index of the Asian country jumped before the national elections to be held on 5th May. The benchmark stock gauge of Malaysia, the FTSE Bursa Malaysia KLCI Index declined by 1.1% and it has now experienced the biggest tumble since 6th February. The 30-day volatility of the gauge has advanced to 7.6 as well, marking its highest level since 5th March. The trading volumes are 46% less than the average of last 30 days.
The coalition of 13 political parties named as Barisan Nasional led by the Prime Minister Najib Razak, this time faces a resurgent opposition. Razak’s main opposition is the former Deputy Prime Minister Anwar Ibrahim. Incidentally, Razak won the 2008 National vote by the slimmest margin and on last month, he stated that if the fractious opposition wins the elections this time, it will bring a catastrophic ruin to the future of this Asian country.
According to the Dean of the Lee Kuan Yew School of Public Policy, Kishore Mahububani, the upcoming national election is all set to become the closest one that Malaysian people have even seen since it got its independence. Numerous pre-polling exit polls have already been conducted and according to those, the election results cannot be predicted easily at this point of time.
The ruling coalition and the main opposition party were evenly tied in a recent survey conducted by the Merdeka Center for Opinion Research which was done between 28th April and 2nd May. The results of the same were released through an email statement on today. 42% of the total voters participating in the survey stated that they agree that the opposition group People’s Alliance deserves a chance to perform as the ruling party of the country. On the other hand, 41% stated no other party or alliance, other than Barisan Nasional can properly rule this Asian country.
Among the companies, Genting Bhd. led declines in the benchmark stock gauge of Malaysia. Genting, which is a renowned Power and Casino group of the country, experienced a decline of 4.9%. On the other hand, the fate was similar for Kuala Lumpur Kepong Bhd., as it went down by 3%. The shares of Felda Global Ventures Holdings Bhd. experienced a tumble of 2.8% as well.