Channelnewsasia.com
   
 
  blogs  
 
yournews
   
Video Finance Features Weather Travel Discussion TV Shows
CNA Live    | About Us 
 
  Home ›
 
Asia Pacific News

 
 

M'sian PM says BN can manage without two-thirds majority
Posted: 10 March 2008 1923 hrs

 
 
Photos  of

   
 
Special Report
Malaysia GE 2008

KUALA LUMPUR - Malaysian Prime Minister Abdullah Ahmad Badawi said on Monday his ruling Barisan Nasional coalition can manage without the two-thirds majority it has long enjoyed in parliament.

Speaking after a meeting of BN component party leaders on Monday, Mr Abdullah also said that he will continue to ensure the economy is healthy.

Mr Abdullah's ruling coalition lost the two-thirds majority in parliament in weekend elections that delivered the worst electoral setback to the BN Front in its 50-year rule.

The election upset led to a tumble on the Malaysian stock markets, causing trading to be halted for an hour in mid-afternoon.

Trading was halted from 2:58pm to 3:58pm after the benchmark Kuala Lumpur Composite Index (KLCI) went limit-down 10% to 1166.32 points, the first time the limit-down rules have been triggered since their introduction in the wake of the Asian financial crisis more than a decade ago.

The KLCI fell 10.5% when the market reopened and ended the day's trading down 9.5 percent or 123.11 points at 1,173.22.

Stocks fell on concerns that a weakening of the ruling coalition's grip on power will create policy uncertainty and could lead to a delay in infrastructure projects. But credit rating agencies Fitch and Moody's on Monday maintained their sovereign ratings on Malaysia, saying the economy was on a sound footing.

Government-linked infrastructure companies took a beating on the bourse. Malaysian Resources Corp tumbled a whopping 39 percent, UEM World 24 percent, and Sime Darby 17 percent, over fears the opposition would scrap projects on the drawing board.- CNA/ir

 

 



Other asiapacific News
Biden discusses India, extremism with Pakistan leaders
No breakthrough as Japan, China discuss gas field
Sri Lanka troops capture vital pass from rebels
China has arrested 60 over tainted milk scandal
Fire at Malaysia's budget terminal triggers evacuation
Pakistan PM asks for world help to calm India tensions
Top Cambodian KRouge trial officials to be investigated for graft
Japan researchers unveil robot suit for farmers
Some Malaysian groups launch campaign to boycott American products
More Taiwanese rushing to tie the knot before Lunar New Year
Thousands of Filipinos take part in Black Nazarene procession
Jakarta confident of reducing poverty, unemployment despite slowdown
China shuts 41 sites in porn crackdown
Cambodian PM may skip ASEAN summit
Chinese-speaking Australian PM sparks Asian studies boom
US envoy urges Japan to join Somalia anti-piracy mission
Top Al-Qaeda operatives in Pakistan killed

 


Advertisements

 
Affiliate Sites:
 
About Us  |  Contact Us  |  Advertise with Us  |  Terms & Conditions