The Malaysian stock market is currently seeing a wave of buying activity, with stocks linked to Mahathir and his family becoming popular. While the former Prime Minister and his family were out of favor with the ruling government, they have recently been rewarded with a range of dividends and share prices. One such company is Opcom Holdings Bhd, which manufactures fiber optic cables and cable related products. Another is Petron Corporation, which is a petroleum refining and marketing company.
Despite the political turmoil, Malaysia’s economy is not in danger of collapse. The new Prime Minister has yet to be named and the country’s multi-party system has not yet formed a ruling coalition. Therefore, Mahathir’s resignation may simply be a tactical move to buy time. Regardless, the upcoming election period is likely to bring volatility to the Malaysian stock market.
Despite his age, Mahathir’s chances of returning to power are dim. However, his legacy as a democrat is already being rewritten by his actions. Malaysia is still recovering from a pandemic and the economy is expected to take a while to recover. That being the case, Mahathir still has the cards to play in the never-ending political game.
In 1969, Mahathir authored an open letter to the prime minister, arguing that the government was discriminating against the indigenous population. This led to his expulsion from his party and the loss of his seat in parliament. He used the time to write his book, The Malay Dilemma, arguing that Malaysia’s indigenous people were being left behind by the new government.