KUALA LUMPUR (Oct 24): The FBM KLCI gained 7.78 points or 0.5% on speculation Malaysia may hold its next general election earlier than expected after the country announced Budget 2017.
Fund managers said the market was speculating that the election might be held within the next six months ahead of the due date in 2018. Today, the KLCI closed at 1,677.76 points following last Friday's budget announcement.
Today, Areca Capital Sdn Bhd chief executive officer Danny Wong said: "After the budget was announced, there was no big surprises. There is talk that the latest budget is an election budget, and there have been rumours going around in the market that the election would be within the next six months."
"Generally, when an election is expected, there would be some excitement in the market," Wong told theedgemarkets.com.
Across Bursa Malaysia, 1.64 billion shares worth RM1.69 billion were exchanged. Decliners led gainers at 407 versus 378.
Carlsberg Brewery Malaysia Bhd led decliners while British American Tobacco (M) Bhd was the top gainer. The most actively-traded stock was newly-listed BCM Alliance Bhd.