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Opposition Candidate Mohamed Muiz Secures Surprise Victory in Maldives Presidential Runoff
In a surprising turn of events, Mohamed Muiz, the opposition candidate, emerged victorious in the Maldives presidential runoff held on Saturday, securing over 53% of the vote, as reported by local media. This election had taken on the character of a virtual referendum, determining whether India or China would exert greater influence over this Indian Ocean archipelago nation.
According to Mihaaru News, incumbent President Ibrahim Mohamed Solih garnered 46% of the vote, while Muiz clinched victory with a lead of more than 18,000 votes. Official results were expected to be announced on Sunday.
Following his win, Muiz expressed his commitment to shaping the country’s future and safeguarding the freedom of the Maldives. He called for unity, stating, “It’s time we put our differences aside and come together. We need to be a peaceful society.” Additionally, he requested that President Solih transfer former President Abdulla Yameen from prison to house arrest.
Muiz’s triumph was an unexpected one, considering he entered the race as an underdog and was named as a candidate closer to the nomination deadline, following the Supreme Court’s decision to bar Yameen from running due to his imprisonment on money laundering and corruption charges—charges that Yameen’s supporters claim are politically motivated.
“This result reflects the patriotism of our people and calls on all our neighbors and bilateral partners to fully respect our independence and sovereignty,” said Mohamed Shareef, a prominent official from Muiz’s party. He emphasized that it was also a mandate for Muiz to revive the economy and secure Yameen’s release.
Neither Muiz nor Solih managed to secure more than 50% of the vote in the initial round of voting held earlier in September.
During the campaign, Solih faced allegations from Muiz that he had permitted unchecked Indian presence in the Maldives. Muiz’s party, the People’s National Congress, is perceived as being strongly pro-China. Solih, however, maintained that the Indian military’s presence in the Maldives was solely for the construction of a dockyard under a government agreement and that it did not compromise the country’s sovereignty.
Muiz pledged that if elected president, he would remove Indian troops from the Maldives and work to rebalance the country’s trade relations, which he argued were heavily skewed in favor of India.
Ahmed Shaheed, a former foreign minister of the Maldives, suggested that the election results reflected public discontent with the government’s failure to meet economic and governance expectations rather than concerns about Indian influence. He stated, “I don’t think India was at all in the people’s minds.”
Muiz, an engineer by profession, previously served as the housing minister for seven years and was the mayor of Male, the capital, before being chosen as the presidential candidate.
In the lead-up to the election, Solih faced a setback when Mohamed Nasheed, a charismatic former president, broke away from the Maldivian Democratic Party and fielded his own candidate in the first round. Nasheed opted to remain neutral in the second round.
Abdulla Yameen, leader of the People’s National Congress, had aligned the Maldives with China’s Belt and Road initiative during his presidency from 2013 to 2018. This initiative aims to develop infrastructure projects, including railroads, ports, and highways, to expand trade and China’s influence across Asia, Africa, and Europe.
Despite the campaign rhetoric, it is unlikely that Muiz will drastically alter the foreign policy stance of the Maldives. Instead, opposition to Chinese projects may diminish, potentially rebalancing the power dynamics in the region.
The Maldives, comprising 1,200 coral islands in the Indian Ocean strategically located along major shipping routes between the East and the West, has seen significant political stability and economic growth in recent years. However, differing views on foreign influence continue to shape the nation’s political landscape.
With over 282,000 eligible voters and a turnout of 78% an hour before polling stations closed, this election marks a pivotal moment in the Maldives’ political history.
Weekly Dhaka Stock Exchange, DSE, Dhaka Bourse has seen a negative performance in Indices, Turnover & Market Capitalization throughout the whole week, This information was disclosed in the weekly market review from the DSE.
According to sources, (5 working days) the turnover of DSE lost by Tk 3 thousand 289 crore 7 lakh (August 18 – August 22). At the same time, the market capitalization has decreased by 16 thousand 132 crore 59 lakh taka.
The benchmark index ‘DSEX’ lost by 203.92 points or 3.45 percent, in the outgoing week. At the end of the week, the index stands at 5,699 points. The Shariah-based index ‘DSES’ dropped 45.64 points or 3.61 percent and therefore the index stands at 1,264 points. The blue-chip index ‘DS30’ decreased by 88.76 points or 4.07 percent, hence the index stands at 2,090 points.
Shares and units worth 3 thousand 122 crore 5 lakh taka were traded in Dhaka Stock Exchange. At the end of the week, the market capitalization stood at 6 lakh 92 thousand 831 crore 80 lakh taka.
Shares and units of 394 companies were traded on Bourse during the week. Of these, 5 shares were unchanged, 357 companies declined, and 32 companies advanced.
Grameenphone Limited has ranked at the top of weekly trading on DSE. The Company records an average turnover of 57 crore 69 lakh taka.
Midland Bank PLC ranked at the top of weekly gainers on DSE. The share has risen 12.09 percent to its highest price.
SEML FBLSL Growth Fund has ranked at the top of weekly losers on DSE. The unit has dropped 14.52 percent lowest in the last week.
Prime Minister Sheikh Hasina today offered solace to the families of those killed during the chaos instigated by BNP-Jamaat terrorists, who exploited the recent quota reform movement. The grieving families met her at her official residence, Ganabhaban.
Among the bereaved were the family members of Abu Sayeed, a student from the English Department at Begum Rokeya University, Rangpur (BRUR), along with 33 other families. Sheikh Hasina presented them with saving certificates and cash as a gesture of assistance.
The sight of the prime minister brought the grieving families to tears. As each family member approached Sheikh Hasina, their emotions overflowed, and they broke down crying.
The prime minister, visibly moved, also struggled to contain her emotions. Tears streamed down her face as she listened to their stories, and she appeared deeply distressed.
In her attempt to console the families, Sheikh Hasina shared her own pain, saying, “Look at me, I am living with so much pain.” She reassured them of her support, expressing that she, too, understands the agony of losing loved ones. “It’s my misery that I have to see your tears,” she continued.
The atmosphere at Ganabhaban was heart-wrenching, filled with grief and shared sorrow.
Present at the event were Speaker Shirin Sharmin Chaudhury and Home Minister Asaduzzaman Khan, with Prime Minister’s Office Secretary Mohammad Salahuddin moderating the proceedings.
Abu Sayeed’s father Makbul Hossain, mother Monwara Begum, and other relatives traveled from Rangpur to Dhaka and attended the gathering at Ganabhaban.
Abu Sayeed, a 12th batch student in the English Department at BRUR, died on July 16 during the quota reform movement in Rangpur. Earlier, on July 26, the BRUR administration provided financial support to Sayeed’s family, delivering a cheque of Taka 750,000 to his parents in Pirganj, Rangpur.
Dhaka Stock Market DSE, Bourse on the first working day of the week, 28th July, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.
488 crore 38 lakh taka shares were traded on this day. 8 crore 96 lakh less tradings were done in DSE today compared to the previous workday, July 25th, Shares worth Tk 497 crores 34 lakh shares were traded last time, Thursday.
The benchmark DSEX decreased 29.92 points or 5,383 The Shariah-based index DSES lost 5.65 points or 1,177 and the blue-chip index DS30 dropped by 11.51 points or 1,951.
Of the issues traded, 88 advanced, 261 declined and 43 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 4.20 paisa or 9.93 percent. On this day, the share was last traded at Tk 46.50 paisa.
Shurwid Industries Limited ranked top loser on the DSE, the share price dropped by Tk 0.30 paisa or 3.00 percent. On this day, the share was last traded at Tk 9.70 paisa.
DSE topped on trade is Agni Systems Limited 28 crore 71 lakh takas of company shares have been traded.
A total of 33 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 31 lakh 74 thousand 737 shares of the companies were traded. The financial value of which is 30 crore 93 lakh taka
