Malaysia’s biggest pension fund sold about 331 million ringgit ($110 million) of shares in the country’s benchmark index as Prime Minister Najib Razak’s election victory sparked the largest rally since 2008.
Najib Razak was sworn in as Malaysia’s prime minister after his coalition won a mandate extending its 55-year rule, with stocks and the ringgit rallying even as Anwar Ibrahim’s opposition vowed to contest some results.
There is no glory in this victory. Malaysia’s ruling coalition, led by Prime Minister Najib Razak, held on to power in this week’s elections, winning 133 seats in parliament compared with the reformist opposition’s 89. Yet a closer look at the vote shows how fragile support truly is for Najib’s United Malays National Organization and argues for the winner to change direction.
Asian stocks rose, led by mining companies, after faster-than-forecast U.S. employment growth bolstered optimism in the world’s largest economy, pushing a regional equities gauge toward a ten-week high.
Malaysian Prime Minister Najib Razak’s ruling coalition widened its lead in vote counting in an election that will determine whether it can fend off a resurgent opposition and extend its 55-year hold on power.