Some of Genting’s dollar bonds dropped 4-7% on Tuesday. This comes as Parti Islam Se-Malaysia, or PAS witnessed electorate gains in Malaysia, causing a drop in shares of “sin” or “vice” companies that operate in sectors such as alcohol and gambling. Genting’s shares fell ~11%, the most in more than two years, over fears that the PAS could implement a strong Shariah law in the country. Oh Ei Sun, senior fellow at the Singapore Institute of International Affairs said, “An Islamist-led government will typically try to make the previously functioning democracy into an illiberal one, which would be very challenging for Malaysia”.
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