The central bank of Malaysia, Bank Negara Malaysia surprised markets by leaving its key overnight policy rate steady at 2.75% in the first meeting of 2023 on Thursday. Markets had forecast a 25bps increase. Bank Negara said it wants to assess the impact of the previous four rate hikes. Policymakers noted that the current policy stance remains accommodative and supportive of economic growth and further normalization would depend on the evolving conditions and their implications to the domestic inflation and growth … Continue reading “Bank Negara Malaysia Leaves Interest Rates Unchanged to Assess Previous Hikes Impact”
The Malaysian ringgit and the main Kuala Lumpur stock index soared Thursday amid easing political turmoil. Malaysia’s king appointed long-time opposition leader Anwar Ibrahim as prime minister Thursday as the country’s 10th prime minister. The FTSE Bursa Malaysia KLCI Index jumped just over 4 per cent to close at 1,501.88 points in its strongest single day increase since March 2020. Malaysian ringgit strengthened by almost 2% to above $4.5 on Thursday, the sharpest rise since March 2016 and pushing the … Continue reading “Malaysian Ringgit and Kuala Lumpur Stocks Soar After Anwar Ibrahim Appointed PM”
Australian rare earths miner Lynas reported a 27% jump in revenue to $101.3 million in Q1 despite a forced shutdown of its Malaysian operations in December. Radioactive waste concerns are clouding $LYC ($LYSCF), who rejected an unsolicited $1.5 billion takeover bid from Wesfarmers.
Australian rare earths miner Lynas Corp saw it’s shares leap 12% on Friday after comments from Malaysia’s new prime minister about the upcoming environmental review of its processing plant in the country. Lynas shares had fallen 27% on concerns the company’s plant would be closed.