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MALAYSIA'S opposition on Tuesday warned the government not to sabotage the transition of power in states seized in weekend polls, saying it would undermine the stock market and the currency.
Opposition figurehead Anwar Ibrahim sought to reassure jittery investors, who drove the bourse down 10 per cent in the aftermath of the shock election results, that it would implement 'business-friendly' policies. And he said that in the five states it now controls the opposition would sideline positive discrimination policies resented by minorities which give majority Muslim Malays benefits in education, housing and business. 'The unexpected margin of our victory caught the nation and the region by surprise,' Datuk Seri Anwar said as the de facto leader of three opposition parties which denied the ruling coalition a two-thirds majority in Saturday polls. He said the impact on the bourse and the ringgit currency would not persist unless the Barisan Nasional coalition 'chooses to pursue a regressive policy of punishment' and freezes planned big-spending state development programmes. 'We would warn Barisan Nasional however, that doing so will further alienate its position with the people,' he said in a statement. Malaysia's stock market plunged on Monday after stunning electoral gains by the opposition parties which claimed four more states in addition to Kelantan which was already held by the Islamic party PAS. In the face of concerns that investment could be affected in the swing states, including Malaysia's most developed regions Penang and Selangor, Datuk Seri Anwar said the change would improve the economy. 'We are confident that under our leadership and working closely with our partners, we will begin to implement policies to ensure a stronger and more vibrant economy in Malaysia,' he said. Datuk Seri Anwar said that under Barisan Nasional, Malaysia had suffered 'a decade of economic mismanagement, unchecked inflation in recent years and lagging competitiveness vis-a-vis Malaysia's neighbours.' The opposition coalition 'will implement business-friendly, free-market policies to stimulate growth, attract foreign investment and promote greater accountability and transparency in business dealings,' he said. -- AFP
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The Blogs 
Maybe the plunge was caused by disposal of GLC shares as a show of financial strength of those opposed to the continued stay of sleepy-head PM??