KUALA LUMPUR (Nov 26): The FBM KLCI surged over 10 points in afternoon trade on Bursa Malaysia today after news reports indicated that Parliament had approved the government's proposed Budget 2021.

At 3.37pm, the KLCI had added 11.78 points to 1,609.36. Later at 3.42pm, the index was further up 12.93 points at 1,610.51.

News of Parliament’s approval for Budget 2021 broke at about 3.30pm today. 

Thus, it was reported that Prime Minister Tan Sri Muhyiddin Yassin avoided a defeat that could have triggered a political crisis and deepened the economic suffering during the Covid-19 pandemic.

"Parliament passed the budget by a voice vote, leaving it unclear exactly how many of the 222 lawmakers supported the government's first budget since Muhyiddin emerged as the leader of a new coalition in March,” Reuters reported.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz on Nov 6 tabled Budget 2021 in Parliament.

Bernama, quoting Muhyiddin’s statement then, reported that Budget 2021 would ensure that the business and economic sectors of the country continue to be driven through various specific measures.

It was reported that the specific measures not only provide financing support, but also improve the business ecosystem in general.

"I am confident that Malaysia will continue to remain a destination of choice for foreign and domestic investors,” Muhyiddin said.