One way to look at it -
Credit Suisse analysts give the opposition a 10% chance of winning.
http://www.businessweek.com/news/2013-03-07/volatility-rises-most-in-malaysia-as-flows-imperiled-currencies#p2
'In the event of a win by the opposition coalition, which the bank puts at 10 percent, the currency may weaken toward 3.25 per dollar, a level last seen in 2010, according to the report.'
- and let's say 50/50 on the opposition being able to do something that causes significant issues.
if people are betting on a serious rerate based on the current govt retaining power (which most think it will) then a 95% chance of that working out are not bad odds huh?
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