Wednesday, June 18, 2008
7:29 pm - Malaysian shares close lower on political concerns
KUALA LUMPUR (Thomson Financial) - Malaysian shares bucked the regional trend and closed lower on Wednesday as political concerns weighed on the market. A small Malaysian party said Wednesday it will table a no-confidence vote against Prime Minister Abdullah Ahmad Badawi on Monday, in an unprecedented move that could spark more revolt against the premier. "People have lost confidence in the present leadership of Abdullah Ahmad Badawi," Chua Soon Bui, vice-president of the Sabah Progressive Party (SAPP), said in a statement. The east Malaysian party, which has two members of parliament in the 14-party ruling coalition, has little political clout but there are concerns this could spark a chain reaction from other coalition members. The vote comes as Abdullah grapples with a challenge to his leadership from within his own party and public anger against the rising cost of living. Abdullah's Barisan Nasional coalition suffered its worst election setback in 50 years in March, losing its two-thirds parliamentary majority and surrendering five states to the opposition. The Kuala Lumpur Composite Index (KLCI) was down 15.17 points or 1.2 percent at 1,212.59. The FTSE Bursa Malaysia 30-large cap index lost 98.56 points or 1.2 percent to 7,836.64 while the FTSE Bursa Malaysia second board index dropped 15.01 points or 0.3 percent to 5,596.13. Decliners led advancers 530 to 150, with 237 stocks unchanged and 489 untraded. Trading volume was low at 475 million shares valued at 1.2 billion ringgit. ($1 = 3.24 ringgit)
2:02 pm - Big players are buying into BJ Land.
Wait for the counter to build a support and wait for the bullish pattern before buying BJ Land.
1:02 pm - KLCI breaking 1214 meaning SAPP is crossing over.
Sapp to make important announcement
Jun 18, 08 10:44am
Sabah Progressive Party (Sapp) is calling a press conference at 2pm today at its headquarters in Kota Kinabalu where it is expected to make an important announcement.
MCPXWhile speculations are rife that the party might decide to leave Barisan Nasional, sources close to the party have revealed that such a defection may not take place today.
“Today is just the first step. There might not be any defections yet,” said a source.
It is learnt that at the press conference, the party might once again call upon Prime Minister Abdullah Ahmad Badawi to do more for Sabah, especially in regards to solving the illegal immigrants' problem as well as poverty eradication.
“The party might even say that it has lost confidence on Abdullah's leadership,” said a source.
Anwar needs 30 MPs
Malaysiakini learnt yesterday that Sapp was calling for a press conference today to make a key announcement that will "lead to a drastic change of the political scenario in Malaysia".
In recent weeks Sapp has been identified as the most likely party to leave BN and join forces with Anwar Ibrahim's Pakatan Rakyat.
Sapp is led by outspoken former chief minister Yong Teck Lee, who in recent months has questioned Abdullah's policies towards Sabah and the federal government's inability to solve the illegal migrants' problems in the state.
The party has two members of Parliament and four state representatives.
Political commentators pointed out that even if the party pulled out of BN to join Pakatan, the defection of the two MPs would not be sufficient for rock Abdullah's BN.
Anwar needs 30 MPs to derail Abdullah and BN from power.
However Sabah sources claim that other BN coalition partners would follow Sapp out of BN if the party starts the exodus.
9:07 am - KLCI cannot close below 1222 today !
If it does break below and close below 1222, it is bearish.
Subscribe to:
Posts (Atom)
Posts
