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Malaysia Outperforms Asia On Poll Result

Malaysian stocks surged on Monday, touching a record high, and the currency jumped after the ruling party retained power in the country's general elections, reassuring investors who had worried about a potential change of government. Malaysia BusinessThe Bursa Malaysia KLCI was last up 3.2%, while the ringgit rose to its highest in almost two years against the dollar. The stock market had been stalled all year in anticipation of the elections and the move upward was seen by analysts as a strengthening of Prime Minister Najib Razak's political coalition and a vote for continuing his fiscal reforms. The market was helped higher by index heavyweight CIMB Group Holdings 1023.KU +3.23% . The bank, headed by the prime minister's brother, was recently up 10%. Casino operator Genting also added 5.7% in Kuala Lumpur. "The race was not as close as some people thought," said Paul Mackel, head of Asian currency research at HSBC HSBA.LN +0.39% in Hong Kong, adding that the ringgit "had been held back quite a bit by the domestic concerns related to the election." Elsewhere in Asia, markets also moved higher following strong employment data in the U.S. that led to another record-breaking session on Wall Street. The U.S. added more jobs than expected in April, according to a Labor Department report released on Friday. The data was taken as further evidence of a continued recovery in the world's largest economy, pushing the Dow Jones Industrial Average to a fresh record high during the final trading session of the week. The U.S. dollar climbed 1.1% against the yen on Friday. With Japan closed for a public holiday, yen trading was quiet until later in the day when Europe came online. The dollar was at ¥99.40 late in Asia compared to ¥99.01 late Friday in New York. Australia's S&P/ASX 200 added 0.5% to 5156.20. Mining stocks made strong gains, responding favorably to an increase in commodity prices on Friday following the U.S. jobs report. Rio Tinto jumped 3.1% and BHP Billiton BLT.LN +3.68% rose 2.8%. Also in Australia, retail sales unexpectedly fell in March following two months of strong gains. The Australian dollar fell to $1.0264 as the data increased expectations of a rate cut at Tuesday's Reserve Bank of Australia policy meeting. Metal companies also made substantial gains in China, where the Shanghai Composite climbed 1.2% to 2231.17. Jiangxi Copper Co. 600362.SH +0.42% jumped up 5.2% and Yunnan Copper Co. added 3.2%. On Monday, the Hang Seng index continued its rise by climbing another 1% to 22915.09. Galaxy Entertainment rose 5.9% in Hong Kong after the gaming company paid HK$3.25 billion to acquire a casino and hotel from Get Nice Holdings, 0064.HK -2.53% which also jumped 11.3% higher. South Korea's Kospi was ended the day 0.2% lower at 1961.48. Source: http://online.wsj.com/article/SB10001424127887323372504578465711278369012.html

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