Share prices on Bursa Malaysia opened higher, continuing its rally from last week, with buying interest by fund managers in selected heavyweights and index-linked counters, dealers said.
After 15 minutes of trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 8.39 points to 1,667.24, pushed by gains mostly seen in Petronas Gas and Sime Darby.
Petronas Gas jumped 7.225 per cent or RM1.38 to RM20.48 and Sime Darby rose 11 sen or 1.176 per cent to RM9.46.
The Finance Index improved 44.721 points to 15,236.32, the Industrial Index gained 53.66 points to 2,770.98 and the Plantation Index increased 14.92 points to 7,994.44.
The FBM Emas Index jumped 46.93 points to 11,284.1, the FBMT100 was 50 points higher at 11,146.6 and the FBM Mid 70 Index rose 26.5 points to 12,116.25 but the FBM Ace Index eased 1.61 points to 4,199.09.
Gainers led losers 86 to 80, with 105 counters unchanged, 1,375 untraded and 31 others were suspended.
Volume stood at 36.756 million shares worth RM27.842 million.
Among actives, TH Heavy Engineering shed half-a-sen to 56 sen, TH Heavy Engineering-WA slipped one sen to 34.5 sen while XOX was unchanged at 21.5 sen.
Heavyweights, Maybank added one sen to RM9.05 while both CIMB and Axiata rose two sen each to RM7.65 and RM6.59, respectively.
Meanwhile, Tradewinds, Tradewinds Plantation and Padiberas Nasional Bhd (Bernas) have requested for suspension of trading today pending an announcement of a material corporate proposal.
It was reported earlier that Tradewinds might privatise both Tradewinds Plantations and Bernas and streamline all its commodity-based businesses under one listed company. Bernama
The ringgit was lower against the US dollar this morning on lack of interest for riskier assets ahead of the Christmas and New Year holidays.
At 9am, the ringgit was traded at 3.0700/0730 against the greenback from 3.0585/0615 on Friday.
However, the ringgit was mostly mixed against other major currencies.
It eased against the Singapore dollar to 2.5117/5145 from 2.5064/5098 but was marginally higher against the yen at 3.6349/6397 from 3.6359/6407 on Friday.
The local currency appreciated against the British pound to 4.9565/9629 from 4.9688/9749 but was down against the euro at 4.0438/0484 from 4.0418/0467,previously. Bernama
The National Rifle Association stood firm in its opposition to any new gun laws on Sunday, as one of its top officials blasted an effort by Sen. Dianne Feinstein to re-institute an assault weapons ban.
Feinstein, D-Calif., has promised to introduce legislation when Congress reconvenes next year that would reinstate an assault weapons ban that Congress passed in 1994 but which lapsed a decade later
"It's a phony piece of legislation and I don't think it will pass for this reason : It's all built on lies," said NRA Vice President Wayne LaPierre, in an interview on NBC's Meet the Press.
The comments from LaPierre follow his group's call on Friday for more armed guards in schools.
"We're going to support an immediate appropriation before Congress to put police officers in every school," LaPierre said on Sunday.
About 70% of public schools don't have police officer and almost 60% don't have any security staff. Those with police tend to be big and urban schools, according to a USA TODAY data analysis.
The NRA proposal has been criticized by some Democrats and New Jersey Gov. Chris Christie, a Republican, who question the wisdom of putting weapons in an educational environment.
But in a separate interview on Sunday, Asa Hutchinson, a former Congressman from Arkansas who is leading NRA's push for putting armed guards in schools, defended the proposal.
"Let's compare this back to the federal air marshal program on airplanes," Hutchinson told ABC's This Week. "There was intense debate that on airplanes, guns have no place, and yet we have a federal air marshal program that I helped to oversee, and which has provided a deterrent. It has increased the safety of the airlines, and it's not like it's an armed camp when you go on the airlines."
LaPierre and the NRA were pilloried by some news organizations following their comments Friday, with the conservative New York Post disparaging LaPierre as "gun nut" and a "loon."
The interview was the first by LaPierre since the Newtown, Conn., tragedy. He echoed remarks he made in an event Friday billed by the NRA as a news conference -- though he took no questions—in which he charged the media and anti-gun lobbyists are intent on blaming guns whenever there is a tragedy.
"I know there's a media machine in this country that wants to blame guns every time something happens," he said, adding, "I know there's an anti-gun industry in this town.
CAIRO (AP) — Egypt's opposition said Sunday it will keep fighting the Islamist-backed constitution after the Muslim Brotherhood, the main group backing the charter, claimed it passed with a 64% "yes" vote in a referendum.
The opposition alleged vote fraud and demanded an investigation — a sign that the referendum will not end the turmoil that has roiled this country for nearly two years since the uprising that ousted authoritarian leader Hosni Mubarak. Many Egyptians, especially the tens of millions who live in extreme poverty, had hoped the new constitution might usher in a period of more stability.
A heated political debate over the past month leading up to the referendum at times erupted into deadly street battles. There were no mass opposition demonstrations on Sunday after the unofficial results came out.
Renewed violence and political tensions have further imperiled Egypt's already precarious economy, reeling from dwindling resources and a cash-strapped government whose plans to borrow from the International Monetary Fund had to be pushed back because of the turmoil.
The finance ministry said Sunday the budget deficit reached $13 billion in the five months from July-November, about 4.5% higher compared to the same period last year.
Official results of the referendum are not expected until Monday. If the unofficial numbers are confirmed, it will be a victory Islamist President Mohammed Morsi, who is from the Brotherhood.
But the opposition allegations look likely to prolong the fight. Beyond allegations of fraud, the opposition will likely challenge new laws issued on the basis of the constitution as well as Morsi's economic policies.
"The referendum is not the end game. It is only a battle in this long struggle for the future of Egypt," said the National Salvation Front, the main opposition group. "We will not allow a change to the identity of Egypt or the return of the age of tyranny."
The opposition claims the new constitution seeks to enshrine Islamic rule in Egypt and accuses the Islamists of trying to monopolize power.
Critics say it does not sufficiently protect the rights of women and minority groups and empowers Muslim clerics by giving them a say over legislation. Some articles were also seen as tailored to get rid of Islamists' enemies and undermine the freedom of labor unions.
The latest political battle began with Morsi's Nov. 22 decrees that gave him powers to protect the Islamist-dominated panel writing the constitution and dismiss the country's top prosecutor, a holdover from the Mubarak era.
Although Morsi subsequently rescinded the powers that gave him immunity from judicial oversight, his decision to replace the prosecutor general was viewed by many in the judiciary as trampling over their powers. Hundreds of prosecutors held a rally Sunday demanding the new, Morsi-appointed prosecutor general quit, days after he retracted his resignation claiming it was rendered under pressure.
The prosecutors said in a news conference that they will be on strike until he quits.
Scores of lawyers who support Morsi's decision held an earlier rally, demanding that the top prosecutor stay, and accusing the opposition of being "thugs."
One major concern in the aftermath of the constitutional turmoil is Egypt's deteriorating economy, which has been battered by the two years of turmoil and taken an added hit from renewed violence recently.
Adding to the anxiety, state television reported on Saturday amidst voting on the referendum that the central bank governor had resigned, then retracted the report. The governor turned up at a meeting of the government's economic team Sunday in an apparent attempt to quell nervousness over the state of the economy.
The government stressed the urgency of stability.
"The financial and economic situations are dire," government spokesman Alaa el-Hadidi said, according to comments published by the state news agency MENA. With the referendum behind, el-Hadidi said economic policies must be at the center of attention, adding that the government will work to improve the investment environment to attract foreign investors.
The government had to postpone a request for $4.8 billion of IMF loans, putting off unpopular tax increases and reforms to after the referendum for fear they would only stoke political tensions.
A day before the official results of the constitution are expected, the opposition front said it filed complaints to the country's top prosecutor and the election commission asking for an investigation.
"The results of the referendum are for sure because of the rigging, violations and mismanagement that characterized it," the National Salvation Front said.
It alleged the vote was marred by lack of complete judicial supervision, which led to overcrowding that pushed down the voting rate. It also charged there was interference by those who were supposed to be supervising the vote, with some instructing people to vote "yes." Many judges who traditionally supervise elections boycotted supervising the vote.
"We don't think the results reflect the true desires of the Egyptian people," Khaled Dawoud, the front's spokesman, told The Associated Press.
However, the Brotherhood insisted violations were limited and should not affect the referendum's integrity.
The Freedom and Justice Party, the Brotherhood's political arm, said it hoped the passage of the constitution would be a "historic opportunity" to heal Egypt's divisions and launch a dialogue to restore stability and build state institutions.
If the violations are considered serious enough, there could be new votes in some areas that alter the results slightly.
The referendum was conducted in two stages with the first vote on Dec. 15 and the second on Saturday. The Muslim Brotherhood and some media outlets have accurately tallied the outcome of past elections by compiling numbers released by electoral officials at thousands of individual polling stations shortly after voting closes.
Turnout for the vote was 32% of Egypt's more than 51 million eligible voters, according to the Muslim Brotherhood. That was significantly lower than other elections since the uprising ended in February 2011. The opposition has pointed to the low turnout as well as allegations of violations in the voting to cast doubt on the legitimacy of the referendum.
The Brotherhood said 64% voted "yes" to the constitution in a tally of both stages of voting. For Saturday's second stage only, the Brotherhood said 71% of those who voted said "yes" with 99% of polling stations accounted for.
As expected, it was a jump from the first round of voting when about 56% said "yes." The provinces that voted in the second round were known for being a base for Brotherhood supporters.
Only about eight million of the 25 million Egyptians eligible to vote in the second stage — a turnout of about 30% — cast their ballots. Some 32% of eligible voters participated in the first round.
The Front said that regardless of the results, it welcomed the participation of many who rejected the constitution and refused to consider it a vote on Islamic law. The group vowed to continue to "democratically" work to change the constitution and praised the high turnout of women.
The Islamists say Islam is core to Egypt's identity and they view the constitution as a foundation to move forward, elect a parliament and build state institutions.
The new constitution will come into effect once official results are announced.
Once that happens, Morsi is expected to call for the election of parliament's lower chamber, the more powerful of the legislature's two houses, within two months.
The opposition said that even though it is challenging the results of the referendum, it will continue to prepare for the upcoming parliamentary elections.
Until the lower chamber is elected, the normally toothless upper house, or Shura Council, will have legislative powers.
On Sunday, Morsi appointed 90 new members to the Islamist-controlled Shura Council as part of his efforts to make the council more representative. The new appointments included at least 30 Islamists and a dozen Christians. They also include eight women, four of them Christians.
The opposition front said it did not want its members nominated to the Shura Council, now made up of 270 members.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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