Brexit: A Surprise?!

As at 12:10pm, the Vote Count for UK's referendum on its membership in the European Union is heading in the direction of Britain exiting (or BREXIT). With 14.7% vote to be counted, the only way that the vote can change is the Remain vote must surpass the Exit vote by 21.7%. That's very unlikely.

Brexit Vote Count via Yahoo

The pounds get pounded and dropped 9.7% to 1.345 as at 12:10 pm Malaysian time.

Chart 1: GBP-USD's 30-min chart as at June 24, 2016 (

Our FBMKLCI dropped 22 points to 22 points to 1617!

Chart 2: FBMKLCI's 30-min chart as at June 24, 2016 (Source:

We know that Brexit will likely impact a few listed companies directly. The Star newspaper - quoting a Maybank Investment Bankreport- listed down the major Malaysian investments in the UK: property developments (Battersea by SP Setia, Sime Darby), regulated assets (YTL Power), casino ops (Genting Malaysia (GENM), and renewable energy (KNM Group). The indirect impact is unknown. What's unknown is always very scary!! If you are scared, you sell in the market. I think we must remain calm in this maelstrom. I feel that the selling is overdone.