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KUALA LUMPUR: Bursa Malaysia shares hit their lowest level in more than five months today as political uncertainty remained high ahead of a Bank Negara Malaysia (BNM) meeting and the 2021 budget presentation, while other emerging markets in Asia remained in narrow ranges.
The shares fell as much as 1%, while the ringgit was flat.
BNM is expected to leave its policy rate unchanged tomorrow, and on Friday, the government will present its first budget focused on addressing the consequences of the Covid-19 pandemic.
Over the weekend, Prime Minister Muhyiddin Yassin urged parliamentarians to pass the budget despite opposition efforts to topple his government and pressure from disgruntled partners within the ruling coalition.
“The next budget has become a contentious political issue,” ING said in a note, and the prospect of the budget not passing fuels fears of another political crisis.
