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Market Update: Malaysia Stocks Jump 0.9%
The FTSE KLCI soared 13 points of 0.9% to 1,575 in early 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. 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, leading indicators signaled rapid growth in both the services and factory sectors, although cost pressures mounted. Investors now look toward the release of the 2nd estimate Q1 US GDP, while President Biden’s FY2022 budget is also highly anticipated. All major sectors were higher, led by technology, basic materials, and consumer non-cyclicals. Among individual stocks, Sime Darby Plantation Bhd surged 3.2%, while Axiata Group Bhd climbed 2.9%. . [/s2If]
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