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Market Update: Malaysia Stocks Trade Higher
The FTSE KLCI rose 7 points or 0.4% to 1,585 in early trade on Tuesday as traders returned from a holiday, amid optimism about Malaysia’s economic recovery from the COVID-19 shocks, with Prime Minister Muhyiddin Yassin saying that the country is set to receive a total of 16 million doses of coronavirus vaccines over the next two months, adding that with the increased supply, the targeted daily vaccination rate will hit at least 150,000 people this month. Sentiment was also supported by news that the G7 nations had reached a landmark deal Saturday to back a minimum global corporate tax rate of at least 15%. Elsewhere, US Treasury Secretary Yellen told Bloomberg News that President Bidens $4 trillion spending plan would be positive for the country, even if it triggers a rise in interest rates. Investors now await a G7 leaders’ summit starting on Friday and the US CPI report scheduled to be released Thursday. Genting Malaysia Bhd and IHH Healthcare climbed 3.8% and 2.1%, each. [/s2If]
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