Malaysian election result 2018: Stock market SLUMPS after Mahathir Mohamad's SHOCK victory

collected by :Haron Adler

as mentioned in Trading opened six per cent down on Thursday, following Mahathir Mohamad's re-election as the country's Prime Minister. The iShares MSCI Malaysia ETF, commonly known as EWM, dropped to $32.40 at the market open. When he won, Mohamad declared: "We are not seeking revenge, we want to restore the rule of law". GETTY Mahathir Mohamad won 121 parliamentary seatsRazak's popularity has dropped drastically over the last three years following a multi-billion pound corruption scandal. Mohamad is the country's longest serving Prime Minister, and when he is sworn in next week, will become the world's oldest leader.

Stock market advances as energy, financials surge

The Dow on Wednesday booked a fifth gain in a row and the broader stock market rallied as sharp gains in energy, financials and technology stocks propelled the main benchmarks firmly higher. A rally in oil prices helped lift U.S.-listed energy companies. Also affecting oil markets were data from the Energy Information Administration, which showed that crude-oil stockpiles fell more than expected in the latest week. Read: Why oil prices didn't rally Tuesday after Trump announced 'powerful' Iran sanctionsWhat are strategists saying? Asian markets closed mixed, while European stock SXXP, -0.12% finished at a more-than-three-month high, aided by gains in energy stocks.

Stock market ignores 10-year yield at 3% to surge to session peak as oil rises to $71/bbl, in late-day action

as informed in The Dow Jones Industrial Average jumped by about 200 points and the stock market gathered steam to hit session highs as U.S. oil soared above $71 a barrel, boosting energy-related shares. Meanwhile, the technology-laden Nasdaq Composite Index COMP, +0.79% advanced by 1% at 7,339. All three equity gauges were enjoying their best gains of the day, even as the 10-year Treasury yielded TMUBMUSD10Y, -0.86% about 3%, with rising yields having previously created some friction between appetite for bonds and stocks, perceived as riskier by comparison. Previous climbs to 3% have rattled investor nerves as they see it signals a rise in borrowing costs for major corporations. Wednesday's mostly was underpinned by President Donald Trump's decision on Tuesday to nix the Iran nuclear pact, which have jolted oil and energy shares higher.