Earlier today (24 Nov), Pakatan Harapan (PH) chairman Anwar Ibrahim was appointed the 10th Prime Minister of Malaysia.
In anticipation of the news, the Malaysian Ringgit (MYR) appreciated against the Singapore Dollar (SGD), hitting 3.28 at one point. Following news of the decision, the MYR strengthened even further to 3.26 against the SGD.
On the same day, stocks of Malaysian companies such as Genting Malaysia and Carlsberg Brewing Malaysia also saw their biggest jumps in more than two years.
According to currency conversion site XE.com, the MYR/SGD exchange rate stood at 3.26 at the time of writing on Thursday (24 Nov).
Source: XE
Earlier this month, the MYR weakened to as low as 3.39 against the SGD.
According to The Straits Times (ST), the MYR appreciated by 1.06% and 1.7% against the SGD and US Dollar respectively after news of Anwar’s appointment.
Some Malaysian stocks reportedly saw the biggest rally in over two years.
Source: Focus Malaysia
These companies include Genting Malaysia, Sports Toto, Magnum, and Carlsberg Brewery Malaysia
This came after a key political bloc announced their support of Anwar as PM as opposed to Muhyiddin, ST stated.
The benchmark KLCI Index also rose by 3.4%.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Casino Connection on Flickr and Anwar Ibrahim on Facebook.
His case was classified as a sudden death.
The mother had been having martial problems with her husband and didn't want the girls…
An end to more than 180 years of history.
Johor police have officially launched an investigation into the matter.
More cycling paths will also be complete by 2030.
An MS News reader shares her grievances after getting caught in the Vesak Day long…