BN-linked Sarawak stocks retreat after party's reign ended

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KUALA LUMPUR (June 13): Shares in Cahya Mata Sarawak Bhd (CMS) and Sarawak Cable Bhd (SCB), companies synonymous with Barisan Nasional (BN), fell this morning after BN's reign in the state came to an end with the departure of four of its party strongholds to set up their own coalition, Gabungan Parti Sarawak.

At 11.33am, CMS declined 1.43% or 4 sen to RM2.76 with 1.4 million shares done while SCB fell 3.49% or 1.5 sen to 41.5 sen with 40,100 shares done.

The four parties are Parti Pesaka Bumiputera Bersatu Sarawak (PBB), Sarawak United Peoples' Party, Parti Rakyat Sarawak and Progressive Democratic Party.

Yesterday, Sarawak Chief Minister and PBB president Datuk Patinggi Abang Abdul Rahman Zohari Abang Openg told a press conference that the decision was made after much deliberation, reflection and due consideration, taking into account the country's current political developments after the 14th general election.