The results of Wednesday’s election in Malaysia caught most pundits by surprise. 92-year-old Dr. Mahathir pulled off an incredible victory. Having Anwar pardoned was a key result, and his cell might have other notable occupants in the months to come.

The impact on the Ringitt is not clear, as the wise Dr. called a public holiday for two days. He made some encouraging sounds about the business-friendly policies his people will pursue, and in effect talked the Ringitt up. In the illiquid Non-deliverable forward markets, the currency was marked down, but let’s see what happens when the markets open again next Monday.

There will be some casualties in the equity markets – some of the conglomerates too close to Najib will get a bloody nose.

It was a refreshing moment for most Malaysians, who had dared to hope that change was possible. With Oil predicted by many to head above $100 a barrel, there could be some good economic news for Malaysia. If the promises of a U-turn on GST come into fruition, then the consumer might start to feel better off. Consumer stocks might be the way to go over the next few months.

Hun Sen in Cambodia will be watching this election result carefully: despite having tied up most of the opposition, and jailed others, the days of Kleptocratic ASEAN leaders might be in doubt.