Political-theme play back on Bursa, Advance Synergy and MUI group lead the surge

Political-theme play back on Bursa, Advance Synergy and MUI group lead the surge
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KUALA LUMPUR (Oct 9): Advance Synergy Bhd, Malayan United Industries Bhd (MUIIND) and Pan Malaysia Holdings Bhd rose and topped Bursa Malaysia's active list in morning trades today after PKR president Datuk Seri Anwar Ibrahim claimed yesterday he was granted an audience with Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah next Tuesday.

"At the meeting, I will present documentation of the strong and convincing majority of MPs (members of Parliament) as I mentioned earlier," Anwar claimed via Twitter yesterday.

At 11.59am today, Advance Synergy's share price rose 6.5 sen to 28.5 sen, MUIIND climbed 1.5 sen to 15.5 sen while Pan Malaysia Holdings increased six sen to 20.5 sen.

Top active stock Advance Synergy saw some 584 million shares traded while MUIIND saw about 292 million shares change hands. Pan Malaysia Holdings registered a volume of some 178 million shares.

Anwar's sister Farizon Ibrahim is a director of MUIIND and Pan Malaysia Holdings.

MUIIND said on its website that besides MUIIND and Pan Malaysia Holdings, Farizon also sits on the boards of Pan Malaysian Industries Bhd, Pan Malaysia Capital Bhd and Metrojaya Bhd.

Meanwhile, news reports have indicated that Advance Synergy group chair Datuk Ahmad Sebi Bakar is linked to Anwar although the reports do not say how they are linked.

MUIIND and its member companies are known as the MUI Group, which includes Pan Malaysia Corp Bhd and MUI Properties Bhd. 

At Bursa today, Pan Malaysia Corp and MUI Properties' share prices also rose among most actively traded stocks.

Pan Malaysia Corp rose three sen to 18 sen while MUI Properties climbed two sen to 30 sen.

Pan Malaysia saw some 72 million shares traded while MUI Properties saw about 65 million units transacted.

Anwar's claim yesterday that he was granted an audience with the Yang di-Pertuan Agong followed news reports about two weeks ago when Anwar declared he had gathered a "formidable" majority among federal lawmakers to oust Prime Minister Tan Sri Muhyiddin Yassin.

It was reported that Anwar claimed he had commanded support from close to two-thirds of Parliament's 222 lawmakers, without giving actual numbers or disclosing who had pledged support.

"The latest twist in Malaysia's protracted power struggle comes after the coronavirus pandemic saw the country's export-driven economy post its first contraction in the second quarter since the 2009 global financial crisis.

"Muhyiddin, whose seven-month-old coalition has survived on a razor-thin majority, had earlier dismissed Anwar's claim as a 'mere allegation' and told him to prove his majority through a constitutional process," Reuters reported yesterday.

At the time of writing this theedgemarkets.com report today, the official portal of Yang di-Pertuan Agong showed that the Istana Negara or National Palace had not issued a statement in response to Anwar's claim on the royal audience.

Chong Jin Hun