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Market Update: Malaysia Equities Stay in Positive Territory
The FTSE KLCI gained 10 points or 0.6% to 1,572 in late trade on Monday after falling to a near six-month low in the prior session, as risk appetite returned following reports that Malaysia decided over the weekend against a nationwide lockdown despite rising daily COVID-19 cases. Meantime, Malaysian pharmaceutical company Pharmaniaga reportedly is ramping up local fill-and-finish of virus vaccines developed by Chinese Sinovac. Traders also welcomed Prime Minister Muhyiddin Yassin’s statement that the 2022 government budget to be unveiled later this year will support further the country’s economic recovery from the pandemic. In the US, meantime, both manufacturing and services activity grew at record paces in May, despite mounting cost pressures. Investors now look toward the release of the US consumer prices data later in the week, along with the 2nd estimate Q1 US GDP and President Biden’s FY2022 budget. Maybank Bhd added 1.2%, while Genting Malaysia Bhd increased 0.8%. [/s2If]
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