Skip to content

Malaysia Stocks Advance Most Since March 2020 After Leader Named

  • Ringgit gains 1.9% against the dollar, best performer in Asia
  • Gaming and brewery stocks jump as Islamist bloc loses bid
Bloomberg business news
Anwar Ibrahim Becomes Malaysia's Prime Minister
Updated on

Malaysian stocks surged the most in over two years after veteran opposition leader Anwar Ibrahim was appointed the new prime minister, ending a political impasse that’s weighed on markets this week.

The benchmark FTSE Bursa Malaysia KLCI Index rallied 4% at the close. Gaming and brewery companies including Genting Malaysia Bhd., Sports Toto Bhd., Magnum Bhd., and Carlsberg Brewery Malaysia Bhd. rose as the pro-Malay, Islamist alliance Perikatan Nasional lost out on its bid to form the government.