Kuala Lumpur, Malaysia – Malaysian stocks continued their upward momentum on Monday, marking the third consecutive session of gains. The benchmark FTSE Bursa Malaysia KLCI (FBMKLCI) surged by 1.0% to reach 1,464.67.
Axiata Group and QL Resources Lead the Pack
During the session, Axiata Group, a prominent telecommunication services company, emerged as the top gainer, with its shares soaring by 3.8%. Following closely behind was QL Resources, an agriculture firm, which also enjoyed a significant increase of 3.8%. Genting Malaysia, operating in the leisure, arts, and hospitality sector, secured the third spot with a 2.4% surge in share prices.
Energy Companies Experience Minor Decline
While overall gains dominated the market, energy firms faced a minor setback. Petronas Dagangan, an energy company, experienced a decline of 0.5% in its share prices, followed by Petronas Gas, which fell by the same margin. Additionally, financial services company Hong Leong Finl Grp saw a dip of 0.4%.
Southeast Asian Markets on the Rise
Setting the tone for the region, other Southeast Asian markets also witnessed positive growth. Singapore’s FTSE Straits Times Index increased by 0.9%, while Thailand’s SET Index rose by 0.2%. In the Philippines, the PSEi Index surged by 1.5%, and Indonesia’s JSX Composite Index saw a notable gain of 1.3%.
Asia-Pacific Region Displays Strong Performance
A similar wave of optimism swept across the Asia-Pacific region. Hong Kong’s Hang Seng Index enjoyed a robust increase of 1.7%, while Japan’s NIKKEI 225 Index added 2.4%. Chinese companies also experienced upward movement, with the Shanghai Composite Index rising by 0.9%.
South Korean and Australian Markets Show Positive Signs
South Korea’s KOSPI Composite Index emerged as the highest gainer among its peers, with stocks rising by an impressive 5.7%. Meanwhile, Australia’s S&P/ASX 200 Benchmark Index saw a more modest gain of 0.3%.
Currency Fluctuations
Currency markets observed some notable changes. The U.S. dollar experienced a decline of 2.0% against the Malaysian ringgit, settling at 4.64 MYR. Similarly, the euro fell by 1.8% to reach 4.98 MYR.
