Prime Minister Anwar Ibrahim’s Pakatan Harapan-led coalition holds the authority to advise early dissolution of the 15th Parliament, which automatically expires on 19 December 2027. Recent state election setbacks for the coalition in Johor and Negeri Sembilan have shifted bargaining power toward Barisan Nasional partners and raised questions about the timing of any federal poll. Traders are pricing in the possibility of a mid-2027 dissolution that could align with the Melaka state contest expected around December 2026 or follow further coalition negotiations, while the automatic dissolution date remains the firm backstop. Upcoming factors include any formal statements from Putrajaya on parliamentary scheduling and the outcome of ongoing constituency redelineation.