BURSA Malaysia saw a muted opening today as uncertainties loomed over the state leadership following the Yang di-Pertuan Agong’s rejection of the government’s request for an emergency declaration.

The FBM KLCI opened at 1495.56 today, 0.92 points higher from Friday’s close of 1494.64.

At 10.07am, the index fell 11.34 points, or 0.76%  to 1483.30.

Yesterday the king, after a meeting of the Conference of Malay Rulers, vetoed a proposal for a national emergency as current efforts were deemed sufficient to contain the Covid-19 epidemic.

It marks the first time the constitutional monarch has rejected the advice of the prime minister and raises questions over Muhyiddin Yassin’s next move.

The leader and his cabinet on Friday voted to seek the king’s consent to impose emergency rule, ostensibly to fight the pandemic, but the timing of it caused many to doubt Muhyiddin’s motivations, which were suspected to be based on self-interest and an attempt to avoid a test of confidence in his leadership when parliament convenes next week.

Muhyiddin is reported to be meeting the heads of Perikatan Nasional’s component parties this morning in Putrajaya.

Meawhile, bourse debutant Mr D.I.Y. Group (M) Bhd was the most active counter, trading at RM1.70, with 20.73 million shares changing hands, after opening at RM1.60.

Mr D.I.Y is the largest initial public offering in Malaysia since the listing of Lotte Chemical Titan Holding Bhd in 2017. 

Elsewhere in the world, US equity futures started the week on the backfoot as a stimulus deal remained elusive and new Covid-19 infections hit a record for a second day, reported Bloomberg.

Asian stocks saw modest gains. – October 26, 2020.