Malaysian stocks staged a comeback on Tuesday, shrugging off concerns sparked by Monday's higher-than-expected inflation data.
The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 0.88 points to end 0.06% higher at 1,538.42. The day ranged between 1,532.07 and 1,540.51.
Investor sentiment appeared to recover after initial worries about inflation subsided. The positive close comes despite Monday's release of inflation data exceeding expectations.
On a brighter note, the Securities Commission's annual report for 2023 revealed a robust Malaysian capital market. The report highlighted a 5.6% expansion in 2023, reaching 3.8 trillion ringgit, fueled by a thriving bond market.
Elsewhere, the Malaysian Cocoa Board (LKM) aims to export 9 billion ringgit worth of cocoa products in 2024, and expects shipment value to grow further to 10 billion ringgit by 2025.
In corporate news, shares of the energy firm Sapura Energy (KLSE:SAPNRG) surged 25% after the company reported slimmer losses in the fiscal fourth quarter ended Jan. 31.