The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) had risen 28.94 points as of 2.25pm, less than an hour after Istana Negara made the announcement.

The market was closed for lunch break when the announcement was made.

The upbeat sentiment was already palpable in the morning when the signs were clear that the stalemate over the formation of the government was close to being resolved.

Gaming and brewery companies including Genting Malaysia Bhd, Sports Toto Bhd, Magnum Bhd and Carlsberg Brewery Malaysia Bhd jumped after a key political bloc signalled that Anwar was the next prime minister, Bloomberg reported.

Malaysian assets had traded in a narrow range this week as investors waited for an announcement from the Yang di-Pertuan Agong after Saturday’s election resulted in the country’s first-ever hung parliament.

The ringgit also benefitted from the improved sentiment, advancing 1.5% to 4.5072 in early trade today, the most in nearly two weeks.

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