MALAYSIAN shares are likely to gain today, tracking Wall Streets rise and the election of the outgoing prime minister’s son-in-law for an important party post, said one institutional dealer.
“Khairy Jamaluddin might set a positive tone for the party and the stock market because he could help to implement reforms in the party,” the trader said, referring to the 33-year old politician who was chosen to head the youth wing of Umno.
Umno is dominant party of the National Front coalition and traders expect Umno-related construction stocks like IJM Corp and Malaysian Resources Corp to gain once incoming Premier Datuk Seri Najib Razak is take formal control of the party today. - Reuters