KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
Jordan's King Abdullah has appointed Jafar Hassan, a key palace aide and US-educated technocrat, as the new prime minister following the resignation of the government on Sunday, according to a statement from the royal court. This decision comes shortly after a parliamentary election in which the Islamist opposition gained ground in the US-allied kingdom.
Jafar Hassan, currently head of King Abdullah's office and a former planning minister, succeeds Bisher Khasawneh, a veteran diplomat and former palace adviser who has served as prime minister for nearly four years. Khasawneh will remain in a caretaker role until a new cabinet is formed.
Harvard-educated Jafar Hassan is widely regarded as a capable technocrat and will face the challenge of mitigating the economic impact of the Gaza war on Jordan, which has already been hit by reduced investment and a sharp decline in tourism. In his appointment letter, King Abdullah emphasized the importance of strengthening democracy in Jordan and advancing donor-backed mega-infrastructure projects in energy and water to secure the country's economic future.
The outgoing prime minister, Bisher Khasawneh, had focused on implementing reforms advocated by King Abdullah to reverse over a decade of sluggish growth, which hovered around 2% and was further exacerbated by the pandemic and conflicts in neighboring Iraq and Syria. However, the traditional conservative establishment has often been blamed for resisting modernization efforts supported by the Western-leaning monarch, fearing that liberal reforms could undermine their control.
Going forward, a key task for the new government will be to accelerate International Monetary Fund (IMF)-guided reforms and address more than $50 billion (RM215.05 billion) in public debt. Jordan, which grapples with high unemployment, relies heavily on foreign aid from Western donors to maintain stability.
The recent parliamentary election saw the Muslim Brotherhood opposition and ideological allies of the Palestinian militant group Hamas making notable gains, winning 31 seats, the largest number since parliamentary life was revived in 1989. This has made them the largest political group in parliament, boosted by public anger over Israel's war in Gaza.
Despite these gains, the new 138-member parliament maintains a pro-government majority. However, the more vocal Islamist-led opposition could challenge IMF-backed economic reforms and foreign policy decisions, according to diplomats and officials.
Under Jordan's constitution, King Abdullah retains most of the power, including the authority to appoint governments and dissolve parliament. The assembly can force a cabinet to resign through a vote of no confidence.
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