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Malaysia ETF Hits All-Time High on Election Results

Shares of the iShares MSCI Malaysia Index Fund (NYSE:EWM) are soaring 5.8 percent Monday and are near all-time highs as traders in the U.S. digested news of Prime Minister Najib Razak's victory in elections held in the Asian nation over the weekend. Razak's National Front coalition captured 127 of Malaysia's 222 parliamentary seats. The party has ruled Malaysia for close to six decades.The FTSE Bursa Malaysia KLCI Index, the country's benchmark equity index, rose 3.1 percent to 1,747.85, though traded higher by as much as 7.8 percent during Monday's Asian session. On the election-induced relief rally, financial services shares jumped as Malayan Banking touched an intraday record high while CIMB Group, Malaysia's second-largest bank, surged 10 percent.That is good news for EWM because those are the ETF's two largest holdings, combining for over 18 percent of the $963.3 million fund's weight. Coincidentally, CIMB's chief executive officer is Nazir Razak. Yes, that Razak. Nazir is Najib's...

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