Malaysia stocks surge 6.8 per cent to record high after election

Malaysia stocks surge 6.8 per cent to record high after election

KUALA LUMPUR - Malaysian stocks surged as much as 6.8 per cent and the local currency jumped to a 10-month high on Monday, after the National Front coalition extended its 56-year rule and fended off a strong opposition challenge that had unnerved investors.

The benchmark FTSE Bursa Malaysia KLCI Index rose to a lifetime high of 1,808.90 by 9:02 a.m. (9:02 local time) in response to Sunday's election, with stocks linked to the coalition and its favoured tycoons gaining handsomely.

The National Front won 133 seats in the 222-member parliament in Sunday's election, although it failed to regain the two-thirds majority it lost for the first time in 2008.

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