KL Composite Index: Is 1,000 points possible?

This will be an interesting week to watch. Following last week's rally, the KLCI ended Friday at a six-month high of 992.68 points. This was 2.9 % higher than the following weekend's close of 965.17 points. Total market volume also hit the highest level in six months with over two billion shares traded on Friday alone. It's a boost certainly. A mixture of intenal and external factors had attributed to the bullish trend.

But at the local end, the PM's announcement to scrap the 30% bumiputera equity ownership quota in 27 sub-sectors has surely helped. The move has certainly helped to make Malaysia more attractive and it was one good news the market had long waited. There is supposed to be another major news on the financial services this week. Let's hope the market will react positively again. The cautious note is that there could be some profit taking there would affect the climb. Such resistance is normal and good for the market. But it is such activity that would generate interest.

There was another piece of good news. The Consumer Price Index, a barometer for inflation, continuted to ease, slowing to 3.5% in March compared to 3.7% in February. Today, the Deputy MITI Minister Mukhriz Mahathir said the government was considering scrapping the controversial Approved Permits (APs) for cars.

The series of populist measures is something the government need to do if it wishes to regain the votes the BN had lost since March 8. Further liberalisation of the affirmative actions would surely be a step forward. Malaysians want to see more need-based programmes, not ethnic skewed ones.

Terengganu MB under siege

The political storm in Terengganu is far from over. It looks like the monsoon has arrived earlier than expected. The MB Ahmad Said is facing a revolt and the number of dissidents has reportedly increased. Malaysiakini has reported differently saying seven out of eight Umno divisions backed him. But another report said at least one state assemblyman, Rasol Wahid, has come out openly to fire a new round of salvoes against the MB.

The MB has been accused of picking a former ambulance driver and ex-primary school teachers as directors of a state subsidiary, the Star Online reported. But this can't be the story. It appears to be the result of pent-up frustration. It is a fight between the political personalities in Umno but they had better be aware that if it reaches boiling point, the biggest loser would be themselves.

It has a strong opponent, PAS, in its backyard and their continuous bickering would only alienate the voters. But there is also a silver lining for Umno. This is the time for Najib Tun Razak to clean up the act in Terengganu. This is the chance for him to make changes in Terengganu Umno and to pick those who are effective. The trouble in the state may have come a little too early for Najib, just when he is starting his job, but if he reforms the committee correctly now, he would see the positive effects later. If the Terengganu Umno leaders are unable to resolve their differences, then he has to put his foot down.

It's sickening - more pictures of Eli on the Net

It's nauseating.Those responsible for putting up more pictures of Elizabeth Wong must be sick. There had been earlier speculation that such pictures would surface if she continued with her political career. Elizabeth has suffered enough and should be left to carry out her responsibilities as an elected representative. It does not matter whether we agree with her politics, the point here is that she was elected and that must be respected. Eli is also a state executive councillor and the intrusion of her private life is a gross violation of her rights. She is a single matured woman and what she does privately is nobody's business. No one has a right to judge her morality. None of us should play God.

Thank you for giving us hope, Susan Boyle!

At the last count, over 27 million page views have been recorded on You Tube. They all have seen Susan Boyle sing on UK's Britain's Got Talent. The amateur singer's stunning rendition of a song from the West End Musical, Les Miserables, has captured the hearts of people around the world. She's 47, a spinster and unemployed. Her late mother's last wish was that she wanted Susan to make something out of her life. She may have a beautiful voice but certainly she doesn't have the looks to go with it. She was awkward and even physically challenged, as some would put it.

In school, she was bullied and mocked at because she had learning difficulties, the result of being deprived of oyxgen, at birth. As an adult, she spent her years caring for her mother in their council home. She has never been invited out on a date, never been kissed, and no one has celebrated her birthdays, according to press reports. It's really a sad story.

But she has now caught the attention of the world since April 11 when she appeared on the show. Boyle has since appeared on Larry King's show and has accepted a date by one of the judges of Britain's Got Talent. She has provided hope and inspiration - at a time when many of us are grappling with the effects of the global financial crisis. She has proven that everyone must be given a chance. That one shot in life. Her pick "I Dreamed A Dream" cannot be more appropriate.

Penanti by-election - what is the point of it?

It's a by-election that nobody needs. Penang CM Lim Guan Eng is peeved at the turn of events leading to the Penanti by-election. The Penang PKR assemblymen must be wondering why one of them can't be good enough to be DCM I, the voters are tired and do not need another by-election, taxpayers are upset that more money would be used, the BN is well aware that it cannot win this by-election, and certainly the entire polls have no impact to the political equation in Penang.

An upset Guan Eng told the media today that he did not know what was happening and that all questions from the media should go to Anwar - who wants a by-election so he can pick the candidate of his choice to be DCM I. Not among the current pool of PKR leaders. Guan Eng said he was only informed of Fairus Kamaruddin's decision to quit after the press was informed. Fairus, meanwhile, has given the Penang PKR leaders a two-week deadline to clear him or he would expose the dirty linen in PKR. It isn't clear whether he would be charged by the MACC as speculated but the latest talk is that there isn't enough evidence. In any case, he has quit his state seat, so the question of him being an independent is no longer an issue.

In the case of Penanti, there is little choice but to hold the by-election. Even if the BN isn't keen to contest, the whole process of nominations must be carried out and if independents are fielded, the process of elections would still have to be carried out. Unless of course, the PKR wins the by-election unopposed. But clearly, the perception is that this is one by-election that is unnecessary. It is a forced by-election. One could even suggest that this is an abuse of the democratic system. It is not about winning or losing but the question one should ask is: what is the point of it?

PKR's Zulkifli Nordin bares his fangs again

You can always depend on PKR lawyer-politician Zulkifli Nordin to come up with controversial statements. Instead of supporting his fellow PKR leader Elizabeth Wong for deciding to keep her state assembly and state exco seats, the Kulim Bandar Baharu MP expressed his objections at the decision. In his latest posting, he has blogged that there would be further pressure on Wong and that it would be better if Wong's earlier decision was respected. In short - Wong should just quit, or at the least, give up her state exco post. He is even saying the decision would pressured a section of Pakatan Rakyat supporters and the component parties. Zulkifli should count himself lucky that his party chose not to act against him for his offensive and aggressive behaviour at the Bar Council meeting last year. Probably worried that he could quit PKR, the party has decided to let him off scot free.

Political explosions in Penang

Fairus Khairuddin, who quit as Deputy Chief Minister I of Penang, has taken a step further. He has quit as the state assemblyman for Penanti. But expect plenty of fireworks. In an interview with Nanyang Siang Pau today, the PKR leader warned that he would expose what's taking place in the party if pushed to a corner. He also revealed that he was framed by his PKR collegues and that he now has to relocate his family to KL. This is not the first time, Fairus, who is being investigated by the MACC, has claimed that he was a victim of internal politics. It is understood that internal bickering is the main reason why Anwar Ibrahim has been unable to fill the DCM post vacancy. The squabbling has put Chief Minister Lim Guan Eng in a fix. It is also a by-election that the CM would not want.

Picture from Nanyang Online. Click on image for the report in Chinese.