KUALA LUMPUR (July 9): CGS-CIMB sees the latest political situation in Malaysia as a negative development for the market, domestic-oriented sectors, and stocks with high foreign shareholding, which may cause the KLCI to fall to 1,463 points.
Its analysts Ng Lee Fang and Nagulan Ravi said in a note today, the move of the ruling coalition s key ally United Malays National Organisation (UMNO) to officially withdraw support for Prime Minister Tan Sri Muhyiddin Yassin will weaken his position and lead to concerns of potential changes.
“The most likely scenario could be that Muhyiddin carries on unless and until it is proven that he does not have majority member of Parliament (MP) support in parliament,” they said.
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