KUALA LUMPUR: Kenanga Investment Bank Bhd expects continuation of prevailing policy inclinations following the appointment of Datuk Seri Anwar Ibrahim as Malaysia's 10th Prime Minister.

This includes pro-business policies, protectionism for local industries, and business as usual for government-linked companies.

Analysts Joshua Ng said further that the research firm also anticipates strong financial support to the economy with cash handouts, fuel and food subsidies, and pump-priming.

"We continue to advocate for investors to seek refuge in banks, telcos, automakers and distributors, mid-market retailers, and construction as we believe the 'unity' government will support domestic consumption.

"We raise our end-2022 FBM KLCI target back to 1,500 pts from 1,450 pts," he said in a note today.

Earlier, the King consented to appoint Anwar Ibrahim as the country's 10th prime minister to lead a 'unity' government based on a power-sharing model.