KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Mauritius is holding a parliamentary election on Sunday, with voters focused on addressing the cost of living crisis that has become a central issue in the Indian Ocean archipelago. Prime Minister Pravind Kumar Jugnauth and his main rivals are all promising solutions to alleviate the financial struggles faced by many Mauritians.
Polling stations opened at 7 am local time (0300 GMT), and while early voter turnout appeared modest, many people were seen checking their names in the registers before casting their ballots. Voting is set to conclude at 2 pm GMT.
Economic Struggles Despite Growth Forecasts
Mauritius, with a population of around 1.3 million, presents itself as a strategic link between Africa and Asia, relying heavily on its offshore financial sector, tourism, and textiles for revenue. Despite a forecasted 6.5% economic growth this year (slightly down from 7.0% in 2023), many voters feel disconnected from the economic benefits.
Jugnauth’s Alliance Lepep Coalition Promises Economic Relief
Jugnauth’s Alliance Lepep coalition has focused its campaign on promises to boost the economy and support struggling citizens. They propose measures such as raising minimum wages, increasing pensions, and cutting VAT on essential goods. The coalition also intends to use the UK's payments under a deal for the cession of the Chagos Islands, which includes the retention of the US-UK Diego Garcia air base, to fund further economic initiatives. Additionally, China continues to provide aid to Mauritius.
Opposition Coalition Offers Alternatives
The opposition, led by Navin Ramgoolam in the Alliance du Changement, has similarly pledged to raise pensions, offer free public transport and internet services, and reduce fuel prices. Ramgoolam’s coalition, which includes the Linion Reform alliance, plans to alternate the prime ministership between Nando Bodha and Roshi Bhadain if they win.
Youth Voters and Economic Innovation
The election’s outcome is expected to hinge on the youth vote. David Stafford, 36, a voter in the capital Port Louis, explained that many people, particularly the youth, are seeking economic innovation and job opportunities, along with the fiscal changes promised by the political parties.
More than one million eligible voters are choosing lawmakers for the 62 seats in Mauritius’ parliament, with 68 parties and five political alliances running. The winning party or coalition must secure more than half the seats to form the next government and appoint the prime minister.
Controversy Over Social Media Ban
Ahead of the election, Jugnauth’s government imposed a temporary ban on social media platforms citing national security concerns after private conversations among public figures were leaked. The ban, which was lifted the day after the election, drew criticism from opposition parties.
Mauritius’ future government will need to navigate a delicate balance of economic reform, youth employment, and addressing the rising cost of living that has made this election so crucial.
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