KL posts big surplus

KL posts big surplus

KUALA LUMPUR (AFP): Malaysia posted a trade surplus of 1.21 billion ringgit (US$360 million) in September, up from 1.15 billion ringgit in August, Finance Minister Anwar Ibrahim was quoted as saying yesterday.

Share prices immediately rose on the news of the surplus which was larger than expected by most market participants.

"At most, the market was expecting a 500 million to one billion ringgit surplus," a chief dealer with a foreign brokerage said.

An economist at a foreign securities house said the September surplus exceeded her expectations of 862 million ringgit. "It is a good number but we will have to see how the stock market takes it," she said.

Bernama news agency quoted Anwar as telling parliament that exports rose 21.7 percent to 20.16 billion rinngit in September while imports were up 19.1 percent at 18.95 billion ringgit.