Malaysia ringgit, stocks surge on political breakthrough

TheStar Thu, Nov 24, 2022 02:15pm - 3 days View Original


MALAYSIA's ringgit posted its best day in almost two weeks and equities rose 2% on Thursday amid signs of a breakthrough in the political stalemate that left the country still struggling to form a new government five days after a general election.

The ringgit rose as much as 1.5% and was on track for its best day since Nov. 11. Stocks in Kuala Lumpur were set for their best session since August 2021.

Malaysia's former ruling coalition indicated that it may support opposition leader Anwar Ibrahim as prime minister, reversing a decision to stay neutral.

The coalition's biggest component party said it would not support ex-premier Muhyiddin Yassin's alliance, but did not make any reference to Anwar.

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